Officials of the national oil companies of Azerbaijan and Kazakhstan have signed a memorandum of understanding covering joint exploration in the Caspian Sea and including refurbishment of a Kazakh jack up rig in Baku.
State Oil Co. of Azerbaijan Republic (SOCAR) will use the modernized Satti rig, owned by Kazakhstan’s KazMunayGas, for drilling in the Caspian.
Possible areas of cooperation identified in the MOU, signed in Baku, include a joint study of geological and geophysical data and logistics and trading of oil and oil products.