US Oil Company Withdraws from Offshore Azeri Oil Field Project

(EurasiaDigest)–Officials of the US Exxon Mobil energy firm announced on March 24 the company’s withdrawal from a project to develop the Zafar-Masal offshore Caspian oil field after test drilling failed to discover any significant oil deposits–Turan reported. The decision was announced following a meeting with Azerbaijani State Oil Company (SOCAR) President Natik Aliyev to negotiate the terms of the financial penalty resulting from the withdrawal. Exxon Mobil withdrew in 2002 from a second contract to develop the Oguz field after similarly failing to find oil in commercially viable quantities after drilling two trial wells.

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