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Azerbaijani parliament ratifies oil contract to develop onshore field

Oil&Gas Materials 22 May 2009 18:27 (UTC +04:00)

Azerbaijan, Baku, May 22 / Trend , I.Khalilova/

On May 22, the Azerbaijani parliament ratified the contract signed amongst the State Oil Company of Azerbaijan Republic (SOCAR) and Rusneft Neftchala Investment Limited and Land and General Berhad to explore, develop and rehabilitate Neftchala, Khil and Babazan onshore fields. Anshad Petrol is developing this field.

Anshad Petrol Joint Venture (after ratification - operation company) was formed in 1993 by SOCAR and Turkish Atilla Dogan Petrol on the base of former Neftchalaneft Oil and Gas Producing Unit. In 1995, the Malasian Land and General Berhad became a participant of the project after purchasing 17.15 percent of Atilla Dogan Petrol's stakes.

At present, shares in the JV are so: SOCAR - 51 percent, Rusneft Neftchala Investment Limited - 31.85 percent and Malasian Land and General Berhad - 17.15 percent.

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