SOCAR’s New Joint Venture to Commence Activities

Oil&Gas Materials 4 May 2007 14:21 (UTC +04:00)

Azerbaijan, Baku / corr. Trend S.Aliyev / The Steering Committee of Oil

The JV will function on onshore and offshore fields of Azerbaijan, particularly on the Guneshly field, from which SOCAR produces the largest volume of oil and gas. The JV will be involved in a wide spectrum of issue, including the construction of the field and improvement of the offshore platforms.

With regards to underground work, they will be carried out according to SOCAR's expertise by using western technology and financial resources of Target Petroleum and the equipment will be delivered and installed by Siemens. The orders will be implemented by the SOCAR Production Unit Azneft.