Bank Of Baku

Azerbaijan approves LUKoil-Gaz de France deal

Azerbaijan approves LUKoil-Gaz de France deal
# 13 November 2008 16:38 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. State Oil Company of Azerbaijan (SOCAR) has approved a deal between LUKoil and Gaz de France on the transfer of a 15% stake in an offshore prospecting project in Azerbaijan’s Caspian Sea, said Vagif Aliyev, SOCAR’s head of international investments.
The deal confirms that LUKoil hold 65%, SOCAR 20% and Gaz de France 15%.
Lukoil (60%) and SOCAR (40%) signed exploration, development and production sharing agreement on the block on July 3, 1997.
D-222 Block, straddling Azerbaijani and Russian sectors of the Caspian Sea, is part of Yalama Structure that is 70-80 meters far from the shore.
DYalama is estimated to hold 800 million barrels of oil and 50 billion cubic meters of natural gas.
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