Azerbaijan annuls cooperation agreement with ConocoPhillips

Jan 01, 2007 01:00 AM

Azerbaijan's state oil company has annulled a cooperation agreement with ConocoPhillips on developing the Umid-Babek oilfield, a senior official said.
Vagit Aliyev, head of the foreign investment department at SOCAR, said the memorandum of understanding with ConocoPhillips, which was signed in February 2005 and was to last two years, had not allowed SOCAR to begin developing the field on its own and has been annulled.

He also said that SOCAR had received expressions of interest in the field from Total, BP and LUKoil but that it had not taken any final decisions on how to proceed.
According to preliminary estimates, the Caspian Sea field holds around 200 mm to 300 mm tons of oil reserves. That is equivalent to around 1.5-2.2 bn barrels.

Source / The International Herald Tribune
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