TODAY.AZ / Business

Lukoil stated absence of results in second exploration well on Yalama

08 June 2005 [09:56] - TODAY.AZ
The first exploration well drilled on the Azerbaijani section of the Caspian, on Yalama field (block D-222), has yielded no results, Trend reports quoting Nikolay Cherniy, the Vice President of LUKOIL company of Russia.
Drilling of the first well lasted around 7,5 months. LUKOIL has fully used the drilling days (219 days), purchased from Chevron Overseas Petroleum Azerbaijan LTD, which participates in the agreement on use of drilling rig Heydar Aliyev (former LIDER).

Kikrat Aliyev, the head of LUKOIL-EURASIA, said that LUKOIL has an obligation under PSA with SOCAR. «In accordance with the contract we are processing the variant on the second exploration well,” he stressed.

As of some data, LUKOIL plans to pay to SOCAR $20m in compensation for refusal from drilling the second exploration well. However, Natik Aliyev, the head of the SOCAR, said that the company will insist on continuing the exploration work in this prospect.


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