Azeri oil contracts expected

May 13, 1999 02:00 AM

Informed sources in the State Oil Company of the Azerbaijani Republic [SOCAR] say that two new oil contracts are expected to be signed during the Caspian Oil and Gas Exhibition, Baku. The contracts will cover the Huseyn Javid, Alekperli and Shirvan offshore prospective structures and the Agstafa bloc between the Kura and Lori rivers [western Azerbaijan]. Geophysicists united the first three structures in the Salatyn bloc.
The bloc's oil reserves are supposed to vary from 120 mm - 250 mm tonnes.
The US company Texaco is expected to be the project operator. The other participants in the contract are the German company Wintershall and the Russian Central Fuel Company.

As for the onshore Agstafa bloc, the agreement on the bloc should have been signed during Azerbaijani President Heydar Aliyev's visit to the USA, but was put off at the last moment. SOCAR and the US company Frontera Resources are continuing their work on the text of the contract at the moment.

Source: BBC via Iinoil
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