A memorandum of understanding (MoU) for cooperation in the new oil and gas projects in Bangladesh was signed between Azerbaijan’s SOCAR AQS and Bangladesh Petroleum Exploration and Production Company (BAPEX), SOCAR AQS announced on Tuesday.
According to the company’s statement, the MoU, signed in Azerbaijan's capital city of Baku, is an important step towards expanding the future cooperation beyond the drilling of Bangladesh's wells.
SOCAR AQS previously won the international tender, announced by BAPEX. Under the agreement, the company will conduct drilling and construction of three onshore wells in Bangladesh, two of which will be drilled for exploration and the one remaining will be appraised.
'Export of drilling services to Bangladesh will provide auspicious opportunities for Azerbaijani oil industry workers to offer their professional services internationally and generate additional revenues for the national economy,' the statement read.
Bangladesh started gas production in 2008 and holds approximately 360 billion cubic meters of gas resources. While Russia's Gazprom has built 15 exploratory and development wells at seven fields in Bangladesh since 2013, it is expected that Azerbaijan's oil and gas field explorations will further contribute to the development of the country's energy sector.
SOCAR AQS is as an integrated drilling and well services management company, which was established by the State Oil Company of Azerbaijan (SOCAR) and Absheron Drilling Company (AQS) in 2007.
The company has conducted over 200 thousand meters of drilling works up to now and has delivered 67 wells to its customers. The company is currently drilling four wells in Azerbaijan and plans to drill 18 wells in the Azerbaijani sector of the Caspian Sea in 2018.
By Firdevs Yuksel