THIRD MAJOR AZERBAIJANI OIL CONTRACT SIGNED.

Publication: Monitor Volume: 2 Issue: 108

Yesterday in Baku, representatives of seven oil companies and governments signed a contract for developing the Shah-Deniz oil and gas field on Azerbaijan’s Caspian shelf. The investment amounts to at least $ 4 billion for the 120 square kilometer field, whose estimated reserves are at least 100 million tons of oil, 200 million tons of gas condensate, and 400 billion cubic meters of natural gas. British Petroleum and Norway’s Statoil acting as a tandem hold 51 percent of the shares, 25.5 percent each; France’s Elf Aquitaine, Russia’s LUKoil, Iran’s Oil Industries Engineering and Construction, and the Azerbaijani State Oil Company hold 10 percent each, and Turkey’s state oil company TPAO 9 percent. (Western agencies, Petroleum Information Agency, June 4)

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