SOCAR and a Large Oil Company Canceling Expectancies Protocol

Oil&Gas Materials 11 December 2006 19:23 (UTC +04:00)

A two-year duration of the protocol on expectancies on an issue on the exploration and development of perspective areas Umud (Hope) and Babek, which was signed between American company Conoco Phillips and the State Oil Company of Azerbaijan (SOCAR) will expire in February, 2007

Since the parties half not attained mutual understanding on some issues, a common agreement on canceling the expectancies protocol was taken, a source in SOCAr told Trend.

SOCAR has its own plans on the development the above-mentioned fields, that has been reflected in the State Programme for the Development of the Fuel and Energy Complex for 2005-2015.

SOCAR is viewing an issue on speeding up exploratory drilling on areas Babek and Umud. Programmes on drilling on the fields have already been prepared. Opening financing, as well as launching drilling wells are expected to take place. Exploratory drilling might be launched in the first quarter of 2007. Geotechnical works aimed at fixing a drilling point for a self submersible rig are expected to be carried out on the fields. Self Submersible Drilling Rig Named after Heydar Aliyev (former LIDER (Leader) is likely to be involved in drilling the wells by SOCAR's order.