TALKS WITH LUKOIL ON DRILLING SECOND EXPLORATION WELL ON YALAMA PROBABLE IN SEPT
вЂњThe State Oil Company of Azerbaijan (SOCAR) does not rule out opportunities for holding this month talks with representatives of the Russian company LUKOIL on prospects of drilling of the second exploration well on the Yalama field (D-222) in the Azerbaijani section of the Caspian,вЂќ Natik Aliyev, the President of the SOCAR, told Trend on Tuesday.
According to Aliyev, representatives of the Russian company are expected to visit Azerbaijan in this connection. "At present LUKOIL is carrying out appraisal of data obtained upon exploration well on Yalama. We have an agreement with the company on drilling the second well on this field. Unfortunately, LUKOIL
thinks the well drilling will not yield any result. However, the SOCAR is sure that it assumes special importance for achievement of new data on geology of the field, as it is an unknown zone for us,вЂќ he stressed.
The SOCAR President noted that if LUKOIL refuses to drill the second exploration well, the company will be obliged to pay compensation.
D-222 with the area of 3,037 sq km is part of Yalama prospect, the huge field in the northeast Caspian Sea, which lies in the Azerbaijani and Russian sections of the Caspian sea equally in a distance of 30km of the coast. The water depth in the area of Yalama field is from 80 to 700 meters.