Romgaz and SOCAR, the State Oil Company of the Republic of 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 the Republic of Azerbaijan and Romania, as well as internationally.

“Cooperating with a partner like SOCAR is an excellent opportunity that will bring many benefits to both companies. Sharing the know-how and transferring technology and experience between the two countries with a similar history in the oil and gas field, will result in a successful partnership. The state-of-the-art technology and expertise can generate significant discoveries in the border basins, especially those in the offshore border basins that are under-explored,” said Adrian Volintiru, CEO of Romgaz.

Romgaz is a 70% state owned company, listed on the Bucharest Stock Exchange and the London Stock Exchange, involved in the exploration, production, storage and marketing of natural gas.