Tatneft to partner with SOCAR in development of historic Azerbaijani oil field

Russian oil company Tatneft, in collaboration with the State Oil Company of Azerbaijan (SOCAR), is set to undertake the development of Azerbaijan's Bibi-Eybat field.

Tatneft's CEO Nail Maganov made the announcement during the International Oil and Gas Forum in Almetyevsk, Caliber.Az reports referring to Russian media.

Maganov highlighted the strategic partnership aimed at leveraging existing technologies to enhance production in this historic field.

Maganov also noted ongoing joint ventures between Tatarstan and Azerbaijani companies, including a joint effort in Türkiye to modernize an oil refinery. He emphasized Tatneft's expertise in petrochemistry and its expanding collaboration with Azerbaijani counterparts in various international projects.

Earlier in May 2024, SOCAR and Tatneft signed a comprehensive roadmap outlining cooperation in oil production, refining, sales of petroleum products, petrochemical development, and the exchange of expertise and human capital.

The Bibi-Eybat field, operational for over a century since 1871, holds significant historical and strategic importance in Azerbaijan's oil industry.