VOL. XLVI

No 26

30-June-2003

CASPIAN

JAOC To Withdraw From Azerbaijan Later This Year

The Japan Azerbaijan Operating Company (JAOC) is expected to quit Azerbaijan later this year after two exploration wells drilled in the Yanan Tava production sharing agreement (PSA) failed to make a commercial discovery. JAOC holds 50% of the PSA, which includes the Yanan Tava, Ateshgyakh and Mugan Deniz structures, while the remaining 50% is held by Azerbaijans state-owned Socar. The president of JAOC, Norihiko...