SOCAR Approves Deal Between LUKoil and GDF Suez on Assignment of Shares in Azerbaijani Oil Project

Oil&Gas Materials 13 November 2008 17:55 (UTC +04:00)

Azerbaijan, Baku, 13 November / Trend corr. S.Aliyev / The State Oil Company of Azerbaijan Republic (SOCAR) approved a deal between the Russian LUKoil and French GDF Suez on partial assignment of shares in the project on development of the Azerbaijani offshore perspective structure Yalama, which occurred at the beginning of September, senior official of the SOCAR said on 13 November.

The second exploratory well is being drilled in Yalama. Work is being realized with the Heydar Aliyev drilling rig, which belongs to the Danish company Maersk Drilling.

At the beginning of September, LUKoil reassigned 15% in the Azerbaijani project of Yalama to the French energy holding GDF Suez. At present share in capital in the project is as following: 65% of stakes belongs to LUKoil (operator), 20% - to SOCAR and 15% - to GDF Suez. Cost of the deal between LUKoil and GDF Suez is not divulged.

A PSA deal on the bloc D-222 was signed between LUKoil and SOCAR on 3 July in 1997.

D-222 bloc is a part of Yalama structure, which is equally placed in the Azerbaijani and Russian sectors of the Caspian Sea at 30km distance of shore and in depth of from 80m to 700m.

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