Since the commencement of oil and gas operations in Azerbaijan in 1995 till late 2005 the US company ExxonMobil has invested around $3bn in the countrys economy, Exxon Azerbaijan Operating Company told Trend.
The investments, in particular include expenses for drilling of exploration wells under the projects operated by ExxonMobil, participation in the development of Azeri-Chirag-Gunashli fields, conduct of seismic survey, environmental impact assessment while implementation of different work on contract areas, tax payments.
ExxonMobil participates in 6 oil and fields: Azeri-Chirag-Gunashli (8,0006%), Araz-Alov-Sharg (15%), Zafar-Mashal (30%), Nakhchivan (50%), Oguz (50%) and Savalan-Lerik Deniz-Jenub Dlaga (30%). In 2004 ExxonMobil reached an agreement with the Azerbaijani company Azpetrol transportation of own oil from the Azeri-Chirag-Gunashli fields by rail to the Georgian port of Batumi.
Oguz project was officially closed late 2003 due to commercial non-attractiveness for further development. 20% of stake was not placed in Savalan project as the area was in the Caspian section debatable with Iran. In December 2005 the SOCAR and ExxonMobil signed an agreement on payment of compensation for refusal from drilling the second exploration well on Nakhchivan and Zafar-Mashal prospects and it will pay $32m in this respect. The company is also committed to pay $18m for refusal from similar work on Nakhchivan.