Azerbaijan's SOCAR AQS has signed a Memorandum of Understanding (MoU) with Bangladesh Petroleum Exploration and Production Company (Bapex) to help foster greater cooperation regarding new oil and gas projects in Bangladesh.
The MoU was signed between deputy director of SOCAR AQS Eldar Yaradanguliyev and Bapex managing director Naushad Islam.
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.”
SOCAR AQŞ has previously won the international tender to drill two exploration and one appraisal well in Bangladesh. The MoU is seen as an important step towards expanding the future cooperation beyond the drilling of these wells.
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.
Director General of SOCAR AQS Ramin Isayev said: "In accordance with the export oriented policy of our country, SOCAR AQS participated and won the international tender in the field of drilling services, announced by BAPEX. We are proud to participate in the development of oil and gas fields in Bangladesh, where economy grows about 7 per cent per year, and we look forward to expand our cooperation.”
SOCAR AQS was established as an integrated drilling and well services management company between SOCAR and Absheron Drilling Company.