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SOCAR Considering Opportunities for Independent Development of Perspective Fields

Oil&Gas Materials 19 January 2007 18:44 (UTC +04:00)

The refusal to extend memorandum with Eurasia Energy Limited on the perspective of conclusion on Exploration, Rehabilitation, Development and Production Sharing Agreement (ERDPSA) on Alat-Daniz field testifies SOCAR wish to develop fields independently, SOCAR reports.

The contract on development of the fields is different from those which were concluded earlier in Azerbaijan (Production Sharing Agreement). Now SOCAR is considering other forms of contracts. Different companies such as Total, LUKoil and Р'Р  take interests in Babek and Umid fields.

SOCAR has refused from continuing talks with the U.S. company ConocoPhillips on the development of Umid and Babek. The SOCAR has its plans on the development of these fields, which was included in the state program on the development of fuel and energy complex in 2005-2015. It is planned to carry out geo-technical and geophysical work in the field for the installation of the Semi-submersible Drilling Rig (SDR) in the drilling point.

The State Oil Company of Azerbaijan (SOCAR) refused to extend a memorandum with Eurasia Energy Limited on the perspective of conclusion on Exploration, Rehabilitation, Development and Production Sharing Agreement ("ERDPSA") on Alat-Daniz field. The memorandum was signed on December 7, 2005. The Block includes the production of Alat-Deniz oil and gas field and a string of seven prospective exploration structures (Hamamdag-Deniz, Garasu, Sangi-Mugan, Ulfat, Aran-Deniz, Dashly and Sabayil) moving in a south-eastern direction from the coast to seventy kilometers offshore.

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