TODAY.AZ / Business

US company refuses from drilling on Zafar-Mashal field

24 March 2005 [14:33] - TODAY.AZ
ExxonMobil, a US company, has refused from drilling the second exploration well on the Zafar-Mashal, Natig Aliyev, the President of the State Oil Company of Azerbaijan (SOCAR) told journalists on Wednesday.
In compliance with the terms of the PSA, signed by SOCAR (50% stake), ExxonMobil (30%, an operator) and ConocoPhillips (20%), the foreign companies were to drill minimum two appraisal wells on the contract. Only one well was spudded in the contact area.

According to Aliyev, he foreign shareholders will pay a relevant compensation to Azerbaijan. At present the two companies are involved in talks to define the amount of compensation. 
URL: http://www.today.az/news/business/18840.html

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