Shallow Water Gunashli talks may start later this year

Commercial talks on the Shallow Water Gunashli field may commence later this year, according to the Ramco Baku office. Ramco has reached an agreement with TotalFinaElf for negotiations for a contract for the field. Under an agreement signed among SOCAR, Pennzoil and Ramco in 1994 Ramco has exclusive rights to Shallow Water Gunashli. The field has been in production since 1981. The field has, to date, produced in excess of 500 million barrels of oil, and is currently producing approximately 110,000 bpd, down from its peak of 140,000 bpd.*