Azerbaijan, Romania to Team up in Upstream

Romania’s producer Romgaz has signed a memorandum on co-operating with Azerbaijan’s Socar on joint upstream oil and gas projects.

Announcing the agreement on October 25, Romgaz said the two state entities would benefit from exchanging technology and know-how, potentially developing joint projects in Azerbaijan, Romania and internationally.

“Sharing the know-how and transfer of technology and experience between the two countries with a very similar history in the oil and gas industry will lead to a successful partnership,” Romgaz CEO Constantin Adrian Volintiru said. “The state-of-the-art technology and expertise may unlock significant discovery in the frontier basins, especially those in the underexplored frontier offshore basins.”

Azerbaijan and Romania are among the world’s oldest oil producers, having started extracting crude in the 1800s. But while better known for their oil reserves, both countries are now more focused on offshore gas development.