We use cookies
to help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Romgaz and SOCAR sign MoU on oil and gas production

BLACK SEA
OIL & GAS

Romgaz and SOCAR sign MoU on oil and gas production

Romanian natural gas producer Romgaz said on Friday it has signed a Memorandum of understanding (MoU) with Azerbaijan's national oil company SOCAR on cooperation in oil and gas upstream projects, SeeNews reports.

The purpose of this memorandum is to establish strategic cooperation in order to develop projects of common interest primarily in Azerbaijan and Romania, as well as internationally.

"Cooperating with a partner like SOCAR is an excellent opportunity that will bring many common benefits. Sharing know-how and transferring technology and experience between the two countries with a similar history in the field of oil and gas, will result in a successful partnership. The latest technology and expertise can generate significant discoveries in border basins, especially in less explored border basins," Romgaz CEO Constantin Adrian Volintiru said.

Romgaz and Socar first announced that they are considering a partnership in off-shore projects in the Black Sea in January.

Socar is involved in the exploration of oil and gas fields, processing and transport of petroleum, gas and condensed gas as well as on petroleum and petrochemical products trading on domestic and international markets. It also supplies natural gas to industrial and household consumers in Azerbaijan.

The majority shareholder of Romgaz is the Romanian state with a 70% stake, with the balance of 30% in free float on the BVB. The total hydrocarbon production of Romgaz edged up 0.9% to 25.5 million barrels of oil equivalent in the first nine months of 2019.

8th Annual conference
BLACK SEA
OIL & GAS


Relevant news

BLACK SEA
OIL & GAS
Polish PGNiG is among prospective bidders for Exxon’s Black Sea operations in Romania
Polish state-owned oil and gas group PGNiG is among the prospective bidders interested in ExxonMobil’s 50% stake in the Neptun Deep offshore perimeter in Romania’s Black Sea.
BLACK SEA
OIL & GAS
Romanian Government suggested Romgaz replace ExxonMobil in major Black Sea gas project
Romania’s energy minister Virgil Popescu suggested Romgaz should evaluate the option of taking over the stake held by ExxonMobil in the Black Sea offshore gas project.
CIS GAS MONETISATION
SOCAR to increase carbamide production
Azerbaijani carbamide plant promises to secure additional funds for the budget as it plans to increase its overall production to help the government with reducing imports.
DOWNSTREAM PROJECT MANAGEMENT
KMGI planning to double production capacity of Petromidia refinery
KMGI is looking to double the production capacity at the Petromidia Refinery. A decision in this regard could be made in the next 3-4 months after a feasibility study will be conducted.
DOWNSTREAM PROJECT MANAGEMENT
SOCAR to provide managerial expertise to Antipinsky Refinery
SOCAR became a minority shareholder of the SOCAR Energoresurs Group
BLACK SEA
OIL & GAS
Romanian GSP group manages drilling operation for Lukoil and Romgaz project
Comanescu bets on the promising Black Sea offshore gas projects as it is the only company in the region offering offshore integrated services.