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Tuesday, 18 March 2003
ANOTHER CONSORTIUM FAILS TO FIND OIL IN AZERBAIJAN
By empty (3/18/2003 issue of the CACI Analyst)
Two wells the Japanese Azerbaijani Operational Consortium drilled in the Ateshgakh Caspian field have failed to yield oil in commercial quantities. The consortium, in which Azerbaijan\'s state oil company SOCAR has a 50 percent stake with the remaining 50 percent divided among five Japanese oil companies, will not drill a further exploratory well, but will conduct further geophysical studies at Ateshgakh and two other fields before deciding whether to self-liquidate. The contract to develop the three fields, which were said to have estimated recoverable reserves of 75 million to 90 million metric tons, was signed four years ago.
Two wells the Japanese Azerbaijani Operational Consortium drilled in the Ateshgakh Caspian field have failed to yield oil in commercial quantities. The consortium, in which Azerbaijan\'s state oil company SOCAR has a 50 percent stake with the remaining 50 percent divided among five Japanese oil companies, will not drill a further exploratory well, but will conduct further geophysical studies at Ateshgakh and two other fields before deciding whether to self-liquidate. The contract to develop the three fields, which were said to have estimated recoverable reserves of 75 million to 90 million metric tons, was signed four years ago. (Turan)