SOCAR CREATES NEW JOINT VENTURE
The State Oil Company of Azerbaijan (SOCAR) has established a new joint Azeri Drilling Company. The participating interests in the company are SOCAR (35%) Target Petroleum Azerbaijan Corporation (Panama, 35%) and First Drilling Limited (Scotland, 30%).
The company will be engaged in drilling oil and gas wells, their maintenance, geophysical survey and other activities.
The joint company will use modern technologies to drill deep and very deep wells in the 8 March and Bulla Deniz fields. 8 wells with a drilling depth of 6.5 km are scheduled to be drilled there. Urgent repair works in three fixed platforms are being done in the 8 March field.
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