Azerbaijan Signs Deal For Development Of Shakh-Deniz Oil- field
An agreement covering exploration and production in Azerbaijan's offshore Shakh-Deniz oilfield was signed on 4 June in Baku by the state-owned oil company of Azerbaijan, SOCAR, and six foreign firms. The production-sharing contract covers an area of 860 sq. kms. located 70 kms. southeast of the Azerbaijani capital in the Caspian Sea. Water depth in the area ranges from 100 to 500 ms.