Deepwater research of Araz-Alov-Sharg to commence in July

The deepwater research of the Araz-Alov-Sharg prospect is expected to start in July, according to a BP source, with Azeri scientists also to be involved in the work. To be studied is the location and composition of minerals in the deepwater portion of the sea.

The research is scheduled to complete in 2002 and, if the schedule of the rig club permits, drilling of the first well on the prospect will start thereafter.

The project is operated by BP, which holds a 15% stake. SOCAR holds 40%, ExxonMobil 15%, Statoil 15%, TPAO 10%, and Alberta Energy 5%.*