SOCAR, Tatneft may enter new markets together

Azerbaijan's state-owned company SOCAR and Russia's Tatneft have signed a contract on the supplies of oilfield chemistry products.

According to Report, the document was signed during the Caspian Oil and Gas exhibition and conference 2019 held in Baku.

“It is our first visit to Azerbaijan," the Tatarstan company representative said, "Our company is open for cooperation in fields development. We are in search of new partners, new markets. Tatneft is a company with a 75-year experience in oil production. We have a certain experience in oil development and refining, production of oilfield equipment, petrochemistry, oilfield chemistry, and so on. Therefore, we are here to search for points of contact with the State Oil Company of Azerbaijan."

Deposits in Tatarstan are in advanced stages of development. Therefore, Tatneft, having certain experience in working with similar structures, wants to offer SOCAR its development services for fields in Azerbaijan.

“This is the further development of existing fields, reassessment of reserves, 3D-modeling of fields. We want to offer our services in extracting more oil from a 'mature' field," the Russian company representative said. “Next year, we will probably speak about cooperation with SOCAR in the markets of the third countries.”