(MENAFN- AzerNews) Within the framework of cooperation between SOCAR and DeGolyer
and MacNaughton, work has begun on counting 27 fields according to
SPE-PRMS classification in the Azerbaijani sector of the Caspian
Sea, Azernews reports.
The State Oil Company of the Republic of Azerbaijan (SOCAR)
reports that SOCAR President Rovshan Najaf met with John Wallace,
Chairman and CEO of DeGolyer and MacNaughton.
During the meeting, satisfaction was expressed with the
cooperation on the calculation of hydrocarbon resources of
strategic fields in accordance with the international standards of
DeGolyer and MacNaughton, as well as field modeling, which has been
underway since 2017.
SOCAR's strategic goals and objectives were discussed at the
meeting; it was stated that further increasing efficiency and
ensuring optimization are the main directions of the company's
long-term corporate strategy, steps being taken to optimize
production, and other issues of mutual interest.
Earlier in 2017, Azerbaijani state-owned company SOCAR and
DeGolyer and MacNaughton, aconsulting firm specializing in the
oil and gas sector, signed a cooperation agreement.
The agreement provides for analyses and technical support to
improve the efficiency of development and production at SOCAR's oil
and gas fields.
According to the signed document, DeGolyer and MacNaughton will
provide services for the productive management of oil and gas
facilities at SOCAR's existing and long-standing fields.
DeGolyer and MacNaughton, a petroleum consulting company based in
Dallas, Texas, is at the forefront of a new classification system
for counting Caspian deposits. Founded in 1936 by Everette Lee
DeGolyer and Lewis MacNaughton, the company has been providing
reliable and independent studies and evaluations of reservoirs for
over 80 years.
The new classification system was developed in response to the
need for reliable and accurate data on existing oil wells and
properties. DeGolyer and MacNaughton have been working to develop a
consistent and accurate system of evaluation for oil properties,
which is essential for obtaining long-term loans from banks. By
utilizing the new classification system, the company is able to
provide more accurate data on Caspian deposits, which is essential
for the development of new technologies and techniques in the
petroleum engineering field.
The new classification system is based on the work of Everette
Lee DeGolyer, who is known as "the founder of applied geophysics in
the petroleum industry" and "the father of American geophysics".
DeGolyer's work has helped to advance the field of petroleum
engineering and has contributed to the development of new
technologies and techniques.
DeGolyer and MacNaughton have recently extended their lease in
the Providence Towers at Spring Valley Road and the Dallas North
Tollway in Farmers Branch, Texas. The 65,543-square-foot lease is
one of the largest in the high-profile building, which is owned by
investor KBS. The lease deal was one of the largest signed in the
Dallas area in the second quarter, according to commercial property
firm Transwestern.
With the new classification system, DeGolyer and MacNaughton are
helping to advance the field of petroleum engineering and provide
more accurate data on Caspian deposits. The company's work is
essential for the development of new technologies and techniques in
the petroleum engineering field.
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