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ExxonMobil, SOCAR agree on payment of compensation within 2 oil & gas projects

Oil&Gas Materials 29 December 2005 15:02

The State Oil Company of Azerbaijan (SOCAR) and ExxonMobil completed negotiations on payment of compensation for refusal from drilling of exploratory wells on the perspective fields Nakhchivan and Zafar-Mashal, where the U.S. Company is operator, SOCAR told Trend.

SOCAR will receive $32m for refusal from drilling of exploratory well on the Zafar-Mashal, $18m - the Nakhchivan.

ExxonMobil completed drilling of the first well on Zafar-Mashal in 2004, where it did not reveal attractive hydrocarbon reserves. The well cost over $11m.

Drilling of the first well on the Nakhchivan, which started on 22 August 2001, was stopped in February 2002. ExxonMobil did not reveal attractive hydrocarbon reserves in this well.

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