VOL. XLI

No. 39

28-September-1998

FSU

NAOCs 2nd Test Well Offshore Azerbaijan ProvesUnviable

The North Apsheron Operating Company (NAOC) announced on 21 Septemberthat its second test well in Azerbaijans offshore Dan Ulduzu structure failed tofind commercially viable crude oil reserves. In December 1996, the state-owned oil companySocar signed a $2bn exploration and production sharing agreement with Amoco (30%), Unocal(25.5%) Itochu of Japan (20%), and Delta of Saudi Arabia (4.5%) covering the...