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, a US consulting 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.