From: Michael Novick <[EMAIL PROTECTED]> Monday, February 22, 1999 Exxon Acquires Additional Interest in Azerbaijan IRVING, TX, -- Exxon Corporation announced today that its affiliate Exxon South Caspian Limited has signed an agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) to participate in the development of the Alov exploration block. Under the terms of the agreement, Exxon South Caspian Limited will acquire a 15 percent participating interest from SOCAR under an Exploration, Development, and Production Sharing Agreement. Terry Koonce, president of Exxon South Caspian Limited said, "We are pleased to join SOCAR in this project. It is Exxon's desire to be a long-term, significant participant with the Azerbaijan Republic in the exploration and development of hydrocarbon resources in the Azerbaijan sector of the Caspian Sea." The Alov exploration block, formerly referred to as the Abikh Trend, is located about 110 miles (180 kilometers) south-southeast of Baku. The block is located in water depths ranging from about 400 meters to about 900 meters and covers an area of about 550 square miles (1,400 square kilometers). "Under this agreement, SOCAR will retain a 40 percent interest, BP Amoco will have a 15 percent interest and serve as operator, Exxon will have a 15 percent interest, Statoil will retain a 15 percent interest, TPAO will retain a 10 percent interest and Alberta Energy Company will retain a 5 percent interest," Koonce said. "This structure is very prospective geologically, but it is coupled with significant investment risk and technological challenges. We look forward to drilling the first wildcat well to test this trend." Koonce said Exxon is committed to expanding its business presence in Azerbaijan. "Exploration and development activities in this area will provide long-term mutual economic and employment benefits to the Azerbaijan Republic and Exxon," Koonce said. "We will continue to pursue involvement in other attractive oil and gas prospects with SOCAR and the Azerbaijan Republic." Also in Azerbaijan, a separate Exxon affiliate owns an 8 percent interest in the joint development and production sharing agreement covering the estimated five billion barrel Azeri, Chirag, and deep water Guneshli fields complex, sometimes referred to as the "Megastructure." The Megastructure is being operated by the Azerbaijan International Operating Company (AIOC), which is owned by a consortium of 11 companies. SOCAR and Exxon each own a 50 percent interest in the exploration, development, and production sharing agreement for the Nakhchivan Prospective Structure. An Exxon affiliate serves as operator on behalf of the contractor parties. Exxon's involvement in Azerbaijan contributes state-of-the-art technology and experience in all aspects of the petroleum industry, including particular expertise in deep-water operations. Exxon is currently exploring in about 30 countries around the world. _________________________________ In accordance with Title 17 U.S.C. section 107, this material is distributed without charge or profit to those who have expressed a prior interest in receiving this type of information for non-profit research and educational purposes only. People Against Racist Terror (PART) PO Box 1055 Culver City CA 90232 Tel.: 310-288-5003 E-mail: <[EMAIL PROTECTED]> URL: <http://people.we.mediaone.net/part2001/index.html> Order our quarterly: "Turning the Tide:Journal of Anti-Racist Activism, Research & Education" End the racist death penalty! Free Mumia Abu-Jamal, Alejandrina Torres, and all political prisoners and P.O.W.'s in U.S. prisons! ------------------------------------------------------------------------ New hobbies? New curiosities? New enthusiasms? http://www.onelist.com Sign up for a new email list today
