Middle East Economic Survey
ExxonMobil Pulls Out Of Zafar Mashal
ExxonMobil has informed Azerbaijans state-owned oil company Socar that it will withdraw from the offshore Zafar Mashal block. Socar President Natik Aliyev said on 23 March that ExxonMobil did not want to drill a second well obligatory under the production-sharing agreement (PSA) and so the two were now engaged in negotiations for compensation. After investing more than $150mn in an exploration...