Timan is currently seeking to attract a major strategic partner on a farm-in basis for its Caspian project. The contract with SOCAR for the drilling rig would be financed by the funds contributed to the development of the project by the farm-in partner.
Commenting on the announcement, Alexander Kapalin, CEO of Timan, said: "In the context of exceptional current demand for rigs in the Caspian Sea, SOCAR's offer of this rig provides Timan with a timely and significant strategic advantage in its off-shore exploration program. These arrangements present Timan with the opportunity to proceed in the near future with its drilling program on Block 2, Izerbash, and with the possibility to make a significant discovery in the Caspian. Our immediate priority however remains to bring our Timan-Pechora asset NGPT to pilot production"
Most Popular Articles
From the Career Center
Jobs that may interest you