20 February 2018

SOCAR AQŞ and Bangladeshi BAPEX sign Memorandum of Understanding

A delegation led by Mohammad Shahidul Haque, Senior Secretary of Legislative and Parliamentary Affairs Division and Nazimuddin Chowdhury, Secretary of Energy and Mineral Resources Division met with the company's management, as part of their visit to Azerbaijan. During the meeting, SOCAR AQŞ and Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) signed a Memorandum of Understanding on cooperation in the new oil and gas projects of the People’‘s Republic of Bangladesh. The memorandum was signed between Deputy Director of SOCAR AQS Eldar Yaradanguliyev and Bapex Managing Director Naushad Islam.

 

After winning the international tender previously announced by BAPEX, SOCAR AQŞ will conduct the drilling and construction of the onshore wells: Semutang Dakkhin 1, Begumganj 4, and Modarganj 1. Two wells will be drilled for exploration and one well for appraisal purposes. The Memorandum of Understanding, signed in Baku, is an important step towards expanding the future cooperation beyond the drilling of these wells.

 

During the signing ceremony of the MoU, Secretary of Energy and Mineral Resources Division Nazimuddin Chowdhury said: “There is a promising outlook for energy cooperation between the two countries. Today’‘s signing ceremony will give a special impetus to the development and deepening of cooperation between the two companies and two countries.”

 

Bapex Managing Director Naushad Islam said: “Rich experience of Azerbaijani oil workers has always been the best school for our region’‘s oil industry workers. The innovative image of SOCAR AQS in the national drilling industry and the projects pioneered by the company, have played an important role in realisation of this cooperation. I am assured that we will continue to cooperate with SOCAR AQŞ on other projects as well!”

 

SOCAR AQS LLC was established as an integrated drilling and well services management company between SOCAR and Absheron Drilling Company (AQS) in 2007. The core business of the company is to provide a complete package of wells by providing modern techniques and technologies. SOCAR AQS has conducted over 200,000 metres of drilling works up to date and has delivered 67 wells to its’‘ customers.

 

The company is currently drilling four wells in Azerbaijan. SOCAR AQS plans to drill 18 wells in the Azerbaijani sector of the Caspian Sea in 2018. Export of drilling services to the People’‘s Republic of Bangladesh, which started gas production in 2008 and holds approximately 360 billion cubic metres of gas resources, will provide auspicious opportunities for the Azerbaijani oil industry workers to offer their professional services internationally and generate additional revenues for the national economy.