UK’s oilfield services provider Wood and Azerbaijan’s Nobel Oil have entered into a joint venture (JV) agreement to provide engineering and operations support services to the oil and gas market in Azerbaijan.
Wood said on Wednesday that the JV will combine its engineering and technical services capabilities with Nobel Oil’s local knowledge and expertise in the Caspian region.
It will primarily support in the delivery of brownfield engineering, procurement and construction management contracts across a range of assets offshore Azerbaijan, Wood explained.
The JV was completed in an official ceremony in Baku on October 31, attended by senior representatives from Wood, Nobel Oil, operators in the local energy sector, UK Trade & Investment and the British Ambassador, Dr Carole Crofts.
Dave Stewart, CEO of Wood’s Asset Solutions business in Europe, Africa, Asia & Australia, commented: “Wood is committed to expanding our presence in Azerbaijan, seeking new opportunities to provide our services and building partnerships to become a leader in the local supply chain, supporting the needs of our customers. Joining forces with Nobel Oil will not only grow our engineering capabilities in-country but also provide training and development opportunities for the Azerbaijani workforce.”
Nasib Hasanov, founder of Nobel Oil, added: “By combining the strengths of both partners, the new joint venture will deliver high quality solutions and services to customers in the region. Therefore, both companies, as well as the entire oil and gas industry of Azerbaijan, will benefit from this partnership.”