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