American oilfield services firm Halliburton and Azerbaijan's Socar AQS signed a memorandum of understanding on Monday to form a new joint venture to provide oilfield products and services in Azerbaijan.
Planned to be based in Azerbaijan's capital Baku, the joint venture will focus on business development and operations both onshore and offshore Azerbaijan, according to a joint statement by both companies.
Once the terms and conditions of the agreement are finalized between the firms, the JV is expected to start operations in the second quarter of 2020.
Socar AQS was established in 2007 as an integrated drilling and well services management firm between the Azerbaijan state oil company Socar and Absheron Drilling Company.
Currently, SOCAR AQS executes oil and gas drilling with six rigs on five platforms in four offshore oil and gas fields in the Caspian Sea, according to the statement.
The company also implements drilling in Turkey for the expansion of the Salt Lake underground gas storage project.
By Ovunc Kutlu