Chevron determined to stay

The Baku office of Chevron has issued a news release concerning the results of first exploration well drilled on an offshore block of Absheron. The report says that the well, drilled off “Istiglal” semi-submersible drilling rig, was eliminated on July 18. It has been ascertained that lower reservoirs do contain a certain amount of hydrocarbons, but not sufficient for commercial viability. The well was drilled to a 6,500meter mark in 520 meters of water.

Despite the disappointing news, Chevron, which holds an interest stake only in this contract in Azerbaijan, it is not going to leave the country. The company intends to take part in the group of sponsors for the construction of the Baku-Tbilisi-Ceyhan oil pipeline. Besides, Chevron is involved in the development of Kazakhstan’s field of Tengiz and the issue of Tengiz oil transportation through the main export pipeline is high on agenda for the company.

A source from the company says the well results will be analyzed within a few months. Afterwards, discussions will evolve around the drilling of the second exploration well.

Chevron has a 30% stake in the Absheron contract, SOCAR has 50% and TotalFinaElf 20%.*