Today the State Oil Company of Azerbaijan Republic (SOCAR) and the Norwegian "Statoil" Company have sign a memorandum on key commercial principles for the future PSA contract for the development of promising fields Zafar and Mashal in the Azerbaijan sector of the Caspian Sea. During the memorandum the President of SOCAR Rovnag Abdullayev stated that "Statoil" Company will take part as an operator in this project, SIA reports.
Recall that in October 2004, during the drilling of the first exploration well in the framework of the contract with PSA (SOCAR -50%, Exxon Mobil - 30%, and ConocoPhillips -20%) at a depth of 7087 meters was opened a small reservoir with gas reserves of about 50 billion cubic meters.
Then the foreign participants of the project decided not to risk it and refused to drill the second exploration well, paying a fine SOCAR and closed the project. Total costs for the drilling of the first exploration well then made $ 150 million.
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