JV Appealed to SOCAR with Proposal to Change Type of Existing Agreement

Oil&Gas Materials 31 January 2007 19:10 (UTC +04:00)

Anshad Petrol JV appealed to the State Oil Company of Azerbaijan (SOCAR) with a proposal to transfer the existing contract to the Production Sharing Agreement (PSA) in 2007, Trend reports with reference to the SOCAR. According to the information provided by the SOCAR, it is a long process which requires juridical consultations and solution of other questions. Anshad Petrol produces oil and gas from the contract squares of Neftchala, Hilli and Babazanan.

Anshad Petrol was created in 1993 between the SOCAR and Turkish Atilla Dogan Petrol on the base of the former Oil and Gas Production Unit Neftchalaneft. The operator of Anshad Petrol in 1994-1996 was Atilla Dogan Petrol, but from 1997 the SOCAR undertook this function. In 1995 the Malaysian Land and General Berhad became the participant of the project by purchasing 17,5% of the share of Atilla Dogan Petrol.