Romgaz and SOCAR, the state-owned oil and gas companies of Romania and Azerbaijan, have signed a Memorandum of Understanding whereby both companies will cooperate in upstream (exploration and production) projects of oil and gas.

The purpose of this Memorandum is to establish strategic cooperation to develop projects of common interest mainly in Azerbaijan and Romania, but also internationally.

“The latest technology and expertise can generate significant discoveries in border basins, especially in less explored border basins," Romgaz CEO Adrian Volintiru said, according to Profit.ro.

SOCAR had expressed in the past its interest in cooperating with Romgaz in the exploration and production of gas in the Black Sea, while the Romanian company voiced its intention to cooperate with SOCAR both in the onshore area of Azerbaijan and in the offshore area in the Caspian Sea as well. As of January 2019, the representatives of the two companies discussed the possibility of cooperation in the framework of the Trans-Anatolian Gas Pipeline (TANAP) and Trans-Adriatic Pipeline (TAP) projects.

editor@romania-insider.com

(Photo source: Facebook/Romgaz)