SOCAR discusses possibility of participating in upstream projects in United States with U.S. companies

BAKU. March 11 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) is greatly interested in participating in hydrocarbon production projects in the United States, SOCAR President Rovshan Najaf said.

"I know that our colleagues are in discussion with a lot of U.S. companies. SOCAR is also very interested in assessing and getting the share and participation interest in upstream projects in the U.S. And we are in the process of active discussion with several partners of potential acquisitions in the U.S.," Najaf said in Washington, as quoted by the Azerbaijani agency Trend.

The oil and gas industry requires significant technological support, which is provided by many international companies, he said.

"We would like to bring modern, innovative solutions, tools. And U.S. companies are the natural partners for us to work in this direction. And we want to develop our hydrocarbon fields in a sustainable manner," he said.

The company is also open to any innovative solutions and the introduction of new technologies that will improve work efficiency and reduce costs while maintaining or improving results, Najaf said.

According to the agency, interest in participating in production projects in the U.S. was also expressed by Gilbert Boyler, the senior vice president for technical functions and international operations of the Azerbaijani private group of companies GL Group, engaged in hydrocarbon exploration and production.

In the near future, there will be an announcement of the group's expansion in the U.S. in oil field operations, Boyler said. The group wants to preserve its principles, standards and competencies, while the basis of its activity remains in Azerbaijan. Most of what it does is aimed at cooperation between Azerbaijan and the U.S., he said.

In Azerbaijan, the company has been working in recent years on optimizing existing fields that have been in operation for decades, increasing well efficiency, operational productivity and cost discipline, he said.

It is always interested in expanding wherever it works, including Azerbaijan, he said. The company does not create technologies from scratch, but uses successfully developed technologies in the U.S., adapting them to the conditions of Azerbaijan and optimizing operations, Boyler said.

Regarding the company's strategy in the region, he said that GL Group intends first of all to continue expanding and increasing its existing assets.

Secondly, it intends to look for additional acquisition opportunities, and thirdly to do this everywhere - not only in Azerbaijan, but also in the region, he said.

GL Group manages five oil and gas fields in Azerbaijan - Kursangi and Garabagli in the Salyan district and Buzovna-Mashtaga, Gala and Zira on the Absheron Peninsula. The group includes operating companies Salyan Oil Limited, Taghiyev Operating Company and GL Technical Services LLC, which provides technical services in the oil and gas industry. In 2024, GL Group acquired 25% of shares in Canada's Gazelle Energy Limited, which is the license holder and operator for the development of a gas field in Turkey.