US Sooner Gobustan increases stake in Azeri oil development project

Jul 31, 2000 02:00 AM

Sooner Gobustan Petroleum has increased its stake in an onshore oil development project in Azerbaijan.
The firm has reportedly purchased 1.75 % of equity in the Gobustan field. Since Sooner bought 11 % of the field in May of this year, this purchase brings its stake in the project up to 12.75 %. Both stakes were bought from Commonwealth Oil & Gas, the Canadian-British company that is operating the field under a production-sharing agreement (PSA).
No word was available on the terms of the deal. Prior to the sales, Commonwealth held a 80 % interest in the field, and SOCAR retained the other 20 %. SOCAR has not sold off any part of its stake.
Commonwealth began negotiating for rights to Gobustan in 1998. It initially expected to work with Union Texas Petroleum, but that company's efforts to buy the 40 % stake in Gobustan held by BMB Oil of the United States did not pan out.
The field has been under development for several decades but is believed to hold extractable reserves of about 100 mm barrels of oil. The cost of developing the concession is expected to reach $ 800 mm.

Source: NewsBase
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