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SOCAR & China’s BGP Establish JV on Seismic Exploration

Source: www.gulfoilandgas.com 10/2/2018, Location: Asia

SOCAR and BGP Inc., a subsidiary of China National Petroleum Corporation (CNPC) have signed a Foundation Agreement on the establishment of a joint venture.Rovnag Abdullayev, President of SOCAR, Khoshbakht Yusifzadeh, First Vice President of SOCAR, Bahram Huseynov, Vice President for Geology and Geophysics at SOCAR, Gou Liang, President of BGP Inc., as well as other high-ranking officials from both companies attended the signing ceremony, which took place in SOCAR Tower.

The contract was signed by Rovnag Abdullayev, President of SOCAR and Gou Liang, President of BGP Inc. The newly established joint venture will carry out joint seismic exploration in the Republic of Azerbaijan and the Caspian Sea, creating new opportunities for exchange of experience between the professionals of the two companies.

Rovnag Abdullayev shared his opinion on the signed contract: “Today, SOCAR is working on modern technologies in all areas and testing different and alternative methods to explore new oil and gas fields and stabilize production levels. Establishing a joint venture with China's BGP for geological and geophysical studies creates an alternative perspective in this area and a fertile ground for sharing experiences that will be useful for professionals of both countries”.

On June 6, SOCAR signed a Memorandum of Understanding with the purpose of establishing cooperation with BGP Inc., a subsidiary of the China National Petroleum Corporation (CNPC), as well as the establishment of a joint venture for geophysical services. In accordance with the Memorandum of Understanding, the companies held negotiations and prepared a final document.

BGP is a 100% subsidiary of CNPC, a state-owned oil company of the People's Republic of China. BGP's main areas of activity include onshore, transboundary and offshore exploration, including acquisition and interpretation of seismic data, production of seismic equipment and providing information and communication technologies (ICT) services.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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