SOCAR-AQS and Halliburton Enter Into Agreement to Provide Broad Suite of Oilfield Products and Services in Azerbaijan
February 10 2020 - 7:39AM
Business Wire
- J V will be based in Baku, Azerbaijan
- Operations expected to begin in 2Q 2020
SOCAR-AQS and Halliburton Company (NYSE: HAL) today 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.
ABOUT SOCAR-AQS
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.
The company successfully implements drilling works in Turkey in
the frame of Expansion of Tuz Golu underground gas storage project.
SOCAR AQS has also been awarded contracts in Ukraine and
Bangladesh.
The company is the first and the only company in the region to
have the API Spec Q2 Certificate. The company has 1200 employees,
the majority of which are Azerbaijani citizens.
SOCAR AQS is in NEQSOL Holding and its shareholders are SOCAR
and Nobel Oil Services.
ABOUT HALLIBURTON
Founded in 1919, Halliburton is one of the world's largest
providers of products and services to the energy industry. With
approximately 55,000 employees, representing 140 nationalities in
more than 80 countries, the company helps its customers maximize
value throughout the lifecycle of the reservoir – from locating
hydrocarbons and managing geological data, to drilling and
formation evaluation, well construction and completion, and
optimizing production throughout the life of the asset. Visit the
company’s website at www.halliburton.com. Connect with Halliburton
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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version on businesswire.com: https://www.businesswire.com/news/home/20200210005437/en/
For Halliburton
Investors: Abu Zeya Halliburton, Investor Relations
Investors@Halliburton.com 281-871-2633
Media: Emily Mir Halliburton, Public Relations
PR@Halliburton.com 281-871-2601
For SOCAR-AQS Sanubar
Nazarova SOCAR-AQS, Public Relations snazarova@socar-aqs.com +994
12 565 15 15 ext.1031
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