13:02 - 10.12.2019

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December 10, Fineko/abc.az. A range of documents have been signed between State Oil Company of Azerbaijan (SOCAR) and international company Baker Hughes at the Energy Forward event held in Baku today.

The first document is the Memorandum of Understanding for the development and implementation of the concept of lean production on wells for exploration and production operations.

The main objective of this project is to define and achieve the goals to improve the efficiency of new wells. The introduction of advanced technological solutions by Baker Hughes will create conditions for more efficient use of local resources and opportunities with the support of the development of the oil and gas industry of Azerbaijan.

The second document was signed between Baker Hughes and the SOCAR Institute of Oil & Gas Research & Design and is an agreement that allows the production of reagents for the oil industry on the basis of effective use of SOCAR's existing facility in Azerbaijan. By introducing global production standards, Baker Hughes and SOCAR will enable local operating organizations to connect to leading projects in the country and the Caspian Sea region.

At the same time, Baker Hughes and the Baku Higher Oil School signed an agreement under which the company will transfer licenses for JewetSuite software to the school.

"The $1 million worth SOFTWARE license will allow students to simulate various tasks in the Caspian basin. This will facilitate the transition of students from academic to professional environment and will allow them to gain experience in the use of advanced software in the field of geology and geophysics," Baker Hughes’ representative say.

The signing of the documents took place within the framework of the first Energy Forward event organized by Baker Hughes in Azerbaijan.