Azerbaijan, Baku, June 3 / Trend E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) is ready to hold talks with Conoco Philips over the Zafar-Mashal Field without any preconditions, a senior SOCAR representative said. According to SOCAR geologists, the field's reserves are estimated at 300 billion cubic meters of gas and 37 million tons of condensate.
Previously, Conoco Philips expressed an interest in participating in the exploration of the Umid, Babak and Zafar-Mashal structures and the shallow section of Absheron.
"We are ready, without any preconditions, to debate and discuss with them (Conoco Philips) the conditions for future cooperation on the Zafar-Mashal Field," the source said.
The source said SOCAR has already made a strategic decision on the self-exploration of the Umid and Babak fields, which aims to increase SOCAR's own gas reserves.
SOCAR is already working on drilling on the Umid Field and is not considering the possibility of foreign companies participating in the project.
The contract for the development of the Zafar-Mashal Field was signed between ExxonMobil and SOCAR April 27, 1999. SOCAR received a 50-percent share and ExxonMobil a 30-percent share. In 2000, the remaining 20 percent was transferred to ConocoPhillips.