On Monday, April 8 the State Oil Company of Azerbaijan (SOCAR) and the Norwegian state-owned Statoil will sign an agreement on key commercial principles for the future PSA contract for the development of promising fields Zafar and Mashal in the Azerbaijan sector of the Caspian Sea. Turan learned from informed sources.
Recall that in October 2004, during the drilling of the first exploration well in the framework of the contract with PSA (SOCAR -50%, Exxon Mobil - 30%, and ConocoPhillips -20%) at a depth of 7087 meters was opened a small reservoir with gas reserves of about 50 billion cubic meters.
Then the foreign participants of the project decided not to risk it and refused to drill the second exploration well, paying a fine SOCAR and closed the project. Total costs for the drilling of the first exploration well then made $ 150 million.
Azerbaijani geologists believe that the structures Zafar and Mashal contain about 300 billion cubic meters of gas. These structures are located in the deep part of the Caspian Sea, where water depths range from 450 meters to 950 meters. - 12B-
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