Dragon Oil/SOCAR to tie up for oil and gas projects
Dragon Oil, a wholly owned subsidiary of Emirates National Oil Company (ENOC), and the State Oil Company of the Azerbaijani Republic (SOCAR) have agreed to cooperate in the exploration and production of hydrocarbon resources, as well as to jointly study opportunities for implementing future projects in the oil and gas sector.
Dragon Oil signed a memorandum of understanding with SOCAR and its trading division SOCAR Trading to enhance joint cooperation in the fields of exploration, production, development, and marketing, and to explore opportunities for launching future joint projects in the oil and gas sector.
The memorandum of understanding was signed by Dragon Oil Chief Executive Officer Abdulkarim Ahmed Al Mazmi and SOCAR President Rovshan Najaf.
“The MoU [memorandum of understanding] with SOCAR reflects our shared vision towards developing quality projects in the fields of exploration, production, and marketing, and exploring new cooperation opportunities in the Caspian Sea region, which is one of the most promising areas in the oil and gas sector,” Al Mazmi was quoted as saying.
SOCAR is one of the leading companies in the region with extensive experience, he said. “Cooperating with it represents a strategic addition that enhances Dragon Oil’s regional presence and supports the company’s sustainable growth path,” he said. Within this cooperation, Dragon Oil aims to create new partnerships that will enhance the resilience of the energy sector and support the economic diversification plans of both sides, he said.
The relations between the UAE and Azerbaijan represent an “a distinguished model of economic and investment cooperation, especially in the fields of oil, gas, and new and renewable energy,” the chairman of the board of directors of ENOC Group and Dragon Oil Saeed Mohammed Al Tayer said.
“Dragon Oil is keen to enhance its cooperation with leading national companies in the region, including Turkmenistan, Azerbaijan, and the countries of the Caspian Sea basin, given the strategic importance this region holds in the global energy system due to its significant potential in the areas of production, export, and infrastructure,” he added.
