Nevtah in JV agreement for Caspian Sea project

Mar 11, 1998 01:00 AM

Since 1991, the vast oil deposits beneath the Caspian Sea have become a major focus of interest by oil companies around the world.
The United States prizes the region as an alternative source of reserves; Russia regards the Caspian as its own strategic reserve and other countries such as China, Turkey and Iran all have a high degree of interest in having a stake in control of the oil.
A think tank based in London estimated that there is approximately 65 billion barrels of recoverable "Sweet Crude" proven oil reserves beneath the Caspian Sea. The US Government estimates over 100 bn barrels of reserves. Current industry estimates put total reserves in the Caspian at as much as 200 bn barrels -- more than any region outside the Persian Gulf, which is estimated to have about 670 billion barrels of oil. Industry giants such as Amoco, BP, Chevron, Esso, Mobile and Unocal to name just a few have all been attracted to this area.
At the centre of all this activity is Baku, the once run downcapital of the Azerbaijan Republic. Baku is now booming; the city has undergone a complete transition with urban renewal throughout the entire city.
On Aug. 6, 1997, Nevtah announced that it had entered into a Joint Venture agreement to acquire an 80 % interest in an Oil & Gas play which includes a production sharing arrangement on the development of the Siezen Monocline oil field on the shores of the Caspian Sea. A memorandum of agreement is in place and all the groups in the Joint Venture have reviewed a proposed contract from the State Oil Company (SOCAR) of Azerbaijan. This contract has been in the process of being refined for several months and management of Nevtah feels it should be concluding the contract over the next two or three months. This field has been producing since the 1940's and preliminary studies by independent consultants estimate potential recoverable reserves of over 100 mm barrels of oil, including the use of secondary recovery methods.

Nevtah Capital Management Corp. is a junior Oil & Gas production/exploration company with experienced management whose corporate philosophy is to obtain oil and gas leases which contain existing proven reserves and production that hold excellent probabilities to expand production utilising secondary recovery methods.

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