SOCAR, KazMunaiGas to conduct joint geological exploration

  31 May 2019    Read: 1339
 SOCAR, KazMunaiGas to conduct joint geological exploration

SOCAR and KazMunaiGas, the state-owned companies of Azerbaijan and Kazakhstan, are planning to conduct a joint geological exploration, said Kurmangazy Iskaziyev, Deputy Chairman of the Management Board for Exploration, Production and Oilfield Services at Kazakhstan’s state company KazMunaiGas, reports.

Iskaziyev made the remarks at the 26th International Caspian Oil & Gas Conference in Baku on May 31.

"First we will conduct a study, and then we will select the areas where we will work together and carry out geological exploration," he said.

Azerbaijan’s SOCAR and KazMunaiGas signed a memorandum of cooperation in January 2019, on the basis of which the joint geological exploration will be carried out. The memorandum was signed in Baku by the heads of both companies, namely SOCAR’s Rovnag Abdullayev and KazMunaiGas’ Alik Aydarbayev.

The memorandum provides for the study of potential projects for joint geological and geophysical work and oil and gas exploration, as well as the exploration of the possibilities of cooperation in the fields of transportation, trade, and geological work in the Caspian Sea, among others.

The two-day 26th International Caspian Oil & Gas Conference, held at Bilgah Beach Hotel, started on May 30 and continues today. It involves top-level executives of companies from the energy sector, who discuss key oil and gas projects of the Caspian region and energy security.

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