A Working Programme of a SOCAR's New JCS Prepared

Oil&Gas Materials 3 February 2007 15:14 (UTC +04:00)

A working programme of a new Joint-Stock Company, founded by SOCAR (State Oil Company of Azerbaijan), Siemens, and Target Petroleum has been prepared, a source in SOCAR told Trend. As soon as all organizational issues are settled, the Joint Enterprise will launch the implementation of the project.

The Enterprise will be occupied with a wide spectrum of issues, starting from oil field construction, reequipping and improving offshore platforms, as well as large-scale onshore works вЂ" improving gas compressor reserves, power supply, etc. The Joint Enterprise can also be engaged in works on increase the production from wells.

The new Company has a great potential. There will be a lot of issues the Enterprise will be occupied with, noted the source in SOCAR.

As to underground works, all these will be carried out in accordance with SOCAR's experience and through using the western technologies and financial resources of Target Petroleum, onground equipment will be delivered and installed by Siemens.

PA Azneft of SOCAR will make the order on these works.

The equipment will be installed both in new and the existing platforms. Receiving the orders is on the final stage, concluded the source in SOCAR.