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.