NC KMG and SOCAR sign a deed of trust for jackup rig
On 16 February 2019 Mr. Alik Aidarbayev, the Chairman of the Management Board of the National Company “KazMunayGas” JSC (hereinafter - NC KMG), had a meeting in Astana with Mr. Rovnag Abdullayev, the President of the Azerbaijan Oil and Gas Company (SOCAR). During this meeting a deed of trust for jackup rig was signed between subsidiaries of the parties – KMG Drilling and Services LLP represented by its General Director Mr. A. Shukputov and Caspian Drilling Company Ltd represented by its General Director Mr. F. Akhundov.
The key goal of the contract is the operation of the jackup rig in projects implemented by the Azerbaijani partner. Therefore, one of the projects is the use of the jackup rig in the Absheron structure that is being developed by British Petroleum. As part of the cooperation, the jackup rig is also going to be upgraded. This will ensure safe and effective drilling of exploration wells with the depth of over 6,000 meters. Furthermore, Kazakh experts will participate in the drilling and render technical support during the operation of the jackup rig in the Azerbaijani sector of the Caspian Sea.
The cooperation between the two companies will not only improve the experience of offshore drilling, but also increase the competitiveness of the jackup rig in the drilling services market of the Caspian Sea.
In his speech Mr. Alik Aidarbayev, the Chairman of the Management Board of NC KMG, pointed out the need to continue the cooperation between the two companies, and said they were willing to consider the exploration projects in the Caspian Sea in detail.
It is worth reminding that on 26 January, Mr. Alik Aydarbayev and Mr. Rovnag Abdullayev signed a Memorandum of Understanding between NC KMG and SOCAR in Baku, which provides for broad prospects for cooperation between the two companies, including in exploration in the Caspian Sea, in joint study of geological and geophysical data for hydrocarbon exploration, and in the field of logistics, trading of oil and petroleum products. As the first specific project of cooperation, the Memorandum provides for joint operation of the jackup rig for drilling in projects in the Azerbaijani offshore area of the Caspian Sea.