KazMunayGas has delivered the Satti self-elevating floating drilling rig to Azerbaijan, the company has said in a message.

An official ceremony of the rig’s reception took place in Baku on June 19. Alik Aidarbayev, Chairman of the KazMunayGas Management Board, and SOCAR President Rovnag Abdullayev participated at the event.

Aidarbayev stated that projects of this kind are a symbol of friendship and constructive cooperation between the two companies.

He said KazMunayGas intends to further develop joint activities with partners and support common projects.

“This leads not only to the expansion of opportunities for both parties, but also allows to improve the competence and competitiveness of the Kazakh oil and gas sector,” Aidarbayev noted.

The Satti rig is the first platform entirely built in Kazakhstan. It was built for three years by American technology in two shipyards. The rig is designed for drilling in the Caspian Sea at a depth of 80 meters.

A Kazakh-Azerbaijani team of specialists has been formed that will participate in drilling and maintain technical support.

Earlier, SOCAR and KazMunayGas signed a memorandum of understanding in Astana. The MoU provides for the upgrade of the Satti rig in Baku and its utilization in SOCAR`s projects in the Azerbaijani sector of the Caspian Sea.

KazMunayGas is Kazakhstan’s national operator for exploration, production, refining and transportation of hydrocarbons, representing the state in the country’s petroleum sector.

Kazakhstan ranks 12th worldwide among the holders of proven oil and gas condensate reserves, 22th in terms of natural gas reserves, and 17th for oil and gas production.

KazMunayGas accounts for 28 percent of the total crude oil and gas condensate production volume in Kazakhstan and 16 percent of natural and associated gas production.

Azerbaijan state company SOCAR is one of the world's 50 largest oil companies. Its mission is to ensure the energy security of Azerbaijan. Established in 1992, SOCAR aimed at manage Azerbaijan's oil resources on the basis of a single state policy, to improve the management structure of the oil industry and to ensure the development of fuel and energy complex.

AzerNews, 20.06.19