The Russian oil company, Tatneft, in collaboration with the State Oil Company of Azerbaijan (SOCAR), will develop the Bibi-Heybat onshore field in Azerbaijan.
Tatneft’s CEO Nail Maganov made the announcement during the International Oil and Gas Forum in Almetyevsk, News.Az reports citing Russian media.
“This is one of the old deposits. We, together with our colleagues from SOCAR, will utilize the available technologies,” Maganov said.
He added that Tatarstan and Azerbaijani companies are working together to reconstruct an oil refinery in Türkiye.
“We have traditionally done well in petrochemicals, and we are working on this topic together with our Azerbaijani colleagues. In addition, we operate in other third countries,” Maganov said.
Earlier in May 2024, SOCAR and Tatneft signed a comprehensive roadmap outlining cooperation in oil production, refining, sales of petroleum products, petrochemical development, and the exchange of expertise and human capital.
The Bibi-Heybat field, operational for over a century since 1871, holds significant historical and strategic importance in Azerbaijan’s oil industry.
https://news.az/news/socar-tatneft-to-jointly-develop-historic-oil-field-in-azerbaijan