US Exploration Firm To Work In Azerbaijan

US company Transmeridian Exploration has opened an operating office in Baku, Azerbaijan.
The company has initiated there due diligence study aimed at securing a Production Sharing Agreement with the national oil company SOCAR for the exploration, rehabilitation and development of petroleum properties in Azerbaijan.

"This is our first major step in diversifying our investment portfolio and if successful will add substantially to our reserve resource potential," commented the Chairman and CEO Lorrie T. Olivier.

Azerbaijan is a key petroleum producer in the region with an estimated 6.6 billion barrels of remaining reserves, second only to Kazakhstan in the Caspian Region.
Azerbaijan is one of the key countries in the region for not only its oil and gas production but for its infrastructure development with several major export pipelines.
Transmeridian Exploration will be reorganizing and adding to its operating staff to accommodate this expansion of operations.