Mitsui take interests in Azeri oil field
Jul 24, 1998 02:00 AM
June 5, 1998 Mitsui & Co. and Mitsui Oil Exploration Co. have got production rights for the Kurdashi oil field in
Azerbaijan. The firms signed a production sharing agreement with the State Oil Company of Azerbaijan Republic
(SOCAR).
Reserves at the field are estimated at 500 - 800 mm barrels.
The Mitsui companies plan to spend the next 3 years exploring and prospecting before commencing commercial
production.
The Kurdashi oil field of around 590 sq km, is located in the Caspian Sea, with depth ranging from 10 meters to 700
meters.
SOCAR holds 75 % and Italian oil major Agip 25 % of production rights in the field. The Mitsui companies will receive
15 % of production rights from SOCAR's share.
Source: not available
