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Wednesday, December 2nd, 2020

NC KMG and SOCAR signed SPBU trust management agreement

by February 17, 2019 Legal

In Astana, a meeting was held between the Chairman of the Board of JSC NC KazMunayGas (hereinafter – NC KMG) Alik Aidarbayev and the President of the Azerbaijan State Oil and Gas Company Socar (hereinafter – Socar) Rovnag Abdullayev. During the visit, an agreement was signed for trust management of a self-elevating floating drilling rig (hereinafter referred to as SPS) between the parties’ subsidiaries – KMG Drilling & Services LLP in the person of General Director A. Shukputov and Caspian Drilling Company Ltd in the person of General Director F. Akhundov .

The main purpose of the contract is the operation of the SPBU on projects implemented by the Azerbaijani side. Thus, one of the projects is the use of SPBU in the Absheron structure developed by British Petroleum. Within the framework of cooperation, the modernization of the SPU is also foreseen, which will ensure safe and effective drilling of exploration wells with a depth of over 6,000 meters. In addition, Kazakhstani specialists will participate in drilling and provide technical support during the operation of the SPSU in the Azerbaijani sector of the Caspian Sea.

The cooperation of the two companies will not only improve the experience of offshore drilling, but also increase the competitiveness of the SPSU in the drilling services market of the Caspian Sea.

Alik Aidarbayev, Chairman of the Board of NC KMG, in his speech noted the need to continue cooperation between the two companies and the readiness to consider in detail the projects in the field of geological exploration in the Caspian Sea.

Recall, on January 26, Alik Aydarbayev and Rovnag Abdullayev signed a Memorandum of Understanding between NC KMG and SOCAR in Baku, which provides for broad prospects for cooperation between the companies, including in the field of geological exploration in the Caspian Sea, in a joint study of geological and geophysical materials for hydrocarbon exploration , as well as in the field of logistics, trading of oil and petroleum products. As the first concrete project of cooperation, the Memorandum provides for joint operation of a SPSU for drilling on projects in the Azerbaijani water area of the Caspian Sea.

Source: KazMunayGas