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SECOND TALYSH DANIZ / LANKARAN-DANIZ WELL ALSO DRY
Only insignificant gas reserves have been discovered by the second exploratory well on Talysh Daniz / Lankaran Daniz prospect, according to a SOCAR source. The well was bored to the project depth of 4,400 meters.
The Baku office of "TotalFinaElf", contract operator, has confirmed the fact of completion of the drilling operations, but declined to elaborate the results.
It is indicative that drilling operations on the first well were suspended at the depth of 1,000 meters due to technical difficulties.
However, according to a SOCAR source, this does not mean that the prospect is devoid of hydrocarbon reserves and it is necessary to wait for the results of the third appraisal well to be drilled later this year.
Partners in the Talysh Daniz / Lankaran Daniz contract are SOCAR (25%), TotalFinaElf (55%), Iranian OIEC (10%), and German Wintershell (10%).
OGUZ OPERATING COMPANY STARTS DRILLING
Oguz Operating Company, a subsidiary of Exxon Mobil Corporation, announced Tuesday that it has begun drilling an exploration well in the Oguz PSA Contract Area, offshore Azerbaijan. The well, known as Neft Dashlari East #1, is located about 60 kilometers east of Baku in 66 meters of water and is being drilled by the recently completed "Qurtulush" jack-up drilling rig.
George MacDonald, Oguz Operating Company Vice President, said, "We have a long-term commitment to exploration and development in Azerbaijan and are pleased to begin this aspect of our work in the Oguz offshore block."
Oguz Operating Company is the operator of the Agreement on Exploration, Development and Production Sharing for the Oguz Offshore Block in the Azerbaijan Sector of the Caspian Sea (the Oguz PSA). The Company operates the Oguz PSA on behalf of the contracting parties, Mobil Exploration and Producing Azerbaijan Inc., and SOCAR Oil Affiliate.
The Oguz prospect is operated by ExxonMobil, which holds a 50% interest stake. The other 50% is held by SOCAR.
Through its subsidiaries, ExxonMobil holds interests in five ratified PSAs covering almost one million acres in Azerbaijan. The agreements cover the Azeri-Chirag-Gunashli, Araz-Alov-Sharg, Zafar-Mashal, Nakhchivan and Oguz blocks.
BTC SPONSORS TO DISCUSS WORK DONE
On April 30, the group of Baku-Tbilisi-Ceyhan sponsors is expected to hold a discussion in Baku on the work done to this end. According to a BP source, the meeting comes prior to the May 15 announcement of engineering results.
The group will listen to the report of the working group and discuss the future work schedule.
Another presentation of the MEP project is also expected to take place during the meeting. It is intended to attract the companies that have not yet joined the group: Chevron, TotalFinaElf and Alberta Energy.
Chevron has unequivocally stated its intention to take part in the MEP project, while the other two companies have just held preliminary talks with SOCAR.
SOCAR ANNOUNCES TENDER
The State Oil Company has announced an open tender for the purchase of turbo bores and carboxylomethylcellulose.
Under the tender conditions, bids are to be accompanied with a performance bond of $10,500. Documents are to be submitted to SOCAR's Foreign Economic Relations section before May 16. They will be unsealed on June 1.
OPEC TO REGULATE OIL OUTPUT
In a bid to keep crude prices at $22-24 per barrel, OPEC member-states can curtail oil output, says Venezuelan oil minister. He told BBC last week that OPEC countries had agreed on regulating crude prices.
If the price falls below $22 per barrel, oil production will decline by 0.5 million bpd, while if it exceeds $24, output will reach the previous level.
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Issue: April, 25, 2001
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