HALLIBURTON AND SOCAR TO FORM A JOINT VENTURE IN AZERBAIJAN
SOCAR-AQS and Halliburton Company (NYSE: HAL) announced the companies have signed a Memorandum of Understanding (MOU) to form a new joint venture to provide a broad suite of oilfield products and services in Azerbaijan.
“Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburton’s strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan,” said Ramin Isayev, CEO of SOCAR-AQS.
“By aligning with SOCAR-AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” said Ahmed Kenawi, senior vice president of the Halliburton Europe, Eurasia & Sub-Saharan Africa Region. “Additionally, our collaboration supports the country’s strategy of localizing high-end technological services.”
The joint venture will be based in Baku, Azerbaijan, and will focus its business development and operations both on onshore and offshore Azerbaijan.
AQS and Halliburton expect to finalize the joint venture and begin operations in the second quarter of 2020 subject to the agreement and finalization of terms and conditions.
SOCAR AQS LLC was established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic and Absheron Drilling Company in 2007. The main scope of activities of the company is provision of work and services related to drilling of oil and gas wells. The company also provides industry specific supply chain management, warehouse management and other related services.
Currently, SOCAR AQS executes oil and gas drilling with 6 rigs on 5 platforms in 4 offshore oil and gas fields in the Caspian, including Shallow Water Gunashli, West Absheron and Bulla- Deniz.
(Source: Halliburton – Image: SOCR tower in Baku, Azerbaijan)