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22.02.2016 12:05
Azerbaijan Drops Disputed Araz-Alov-Sharg Caspian Project
Iran and Azerbaijan have disputed ownership of the Araz-Alov-Sharg fields since a confrontation between Iranian gunboats and two BP exploration vessels at the turn of the century
AUTHOR: publics.bg


  • © Ken Lund, flickr.com

Almost 20 years after signing a production-sharing agreement for deep-water prospect offshore Azerbaijan, state-owned Socar and its partners terminated it for political reasons.

Socar and its partners BP, Statoil, ExxonMobil, Canada’s Encana and Turkey’s TPAO abandoned the contract for Araz-Alov-Sharg project, in a deep-water section of Caspian.

“We don’t have such a contract, not any more,” industry sources familiar with the situation told Natural Gas Europe.

Other sources hinted that the decision was a result of force majeure as one partner could not fulfil its contract obligations.

The PSA was signed in 1998 but has been dormant since 2001. Iran and Azerbaijan have disputed ownership of the Araz-Alov-Sharg fields since a confrontation between Iranian gunboats and two BP exploration vessels at the turn of the century.

In 2000 BP which was the operator for the project completed 3D seismic shooting in the area and in 2001 it revisited the area, but it was forced to leave when an Iranian gunboat threatened to open fire.


TAGS: Azerbaijan | Araz | Alov | Sharg | oil | gas | Caspian Sea | energy | exploration | BP | Statoil | ExxonMobil | Encana | TPAO 


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