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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (13714)	11/22/1998 3:42:00 AM
From: Kerm Yerman	of 15196

IN THE NEWS / Azeri Parliament Ratifies First Onshore Oil Contract Russia Today BAKU, Nov. 16, 1998 -- (Agence France Presse) Azerbaijan's parliament ratified Friday the country's first contract to develop onshore oil fields with foreign multinationals. Deputies approved by 90 votes to seven an $800 million production sharing agreement to develop the Southwest Gobustan block, which has laid dormant since the 1950s. British-Canadian Commonwealth Oil and Gas (AB Geoscience) controls 40 percent and operates the agreement, while U.S.-based Union Texas Petroleum and Azerbaijan's state oil company SOCAR hold 40 percent and 20 percent, respectively. Experts estimate that the block still holds some 20-40 million tonnes of oil and 12 billion cubic meters of natural gas. The block consists of 16 individual oil fields and is located around 50 kilometers (30 miles) southwest of Baku. The 25-year contract foresees an initial three-year exploration period, with an investment of some 15-20 million dollars. Seven new wells will be sunk and seven old wells will be rehabilitated during this time. SOCAR official Valekh Aleskerov said that since large sums will be invested in the project and the actual reserves are still not known, the contract is the first to be signed without bonuses for the government.

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