SOCAR, KazMunayGas talk over cooperation in oil, gas exploration

The State Oil Company of Azerbaijan (SOCAR) and Kazakhstan’s national oil company KazMunayGas (KMG) have discussed opportunities for joint projects in oil and gas exploration and production, KMG said in a statement.

During a meeting in Baku, KMG Chairman Askhat Khasenov and SOCAR President Rovshan Najaf explored potential collaboration in geological exploration, investment attraction, and the digitalisation of production, Caliber.Az reports per local media.

"SOCAR is a key partner of KazMunayGas. I am confident that through joint efforts, we will continue to make a significant contribution to global energy security and the stability of hydrocarbon supplies," Khasenov said.

"This, in turn, will open up new prospects for transit opportunities in the Caspian region."

The two sides also reviewed progress on their 2022 agreement for transporting Kazakh oil via the Aktau-Baku route for export through the Baku-Tbilisi-Ceyhan pipeline.

"In 2024, the shipment volume reached 1.4 million tonnes. The target for this year is 1.7 million tonnes. This area of cooperation between KMG and SOCAR supports the transit potential of both Kazakhstan and Azerbaijan while expanding exports of domestic hydrocarbons to international markets," the company said.

Additionally, the meeting covered the implementation of a strategic agreement on decarbonisation signed last year during COP29 in Azerbaijan.

"The agreement aims to develop cooperation in decarbonisation and the adoption of low-carbon technologies to reduce harmful emissions in the oil and gas sector," KMG said.

By Aghakazim Guliyev