Name of PSA

Project Partners

Estimated 
Reserves

Projected Investment

Project 
Status

Azeri, Chirag, and 
Deepwater Gunashli (Azerbaijan International Operating Company, AIOC)

Signed Sept. 20, 1994; ratified December 1994

BP (34.1%, operator), Unocal (10.2%), Lukoil (10%), SOCAR (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon Energy (5.6%), Itochu (3.9%), Amerada Hess (2.7%)

4.3 billion barrels of oil

$13 billion

Exports began late 1997. Producing 120,000 bbl/d at Chirag field as of May 2002. First exploration well drilled at Azeri field.

Shah Deniz
Signed June 4, 1996; ratified October 17, 1996

BP (25.5%, operator), Statoil (25.5%), SOCAR (10%), LukAgip (10%), TotalFinaElf (10%), OIEC of Iran (10.0%) TPAO (9.0%)

2.5 billion barrels of oil; 25-39 Tcf of natural gas 

Up to $4.5 billion

Natural gas extraction scheduled for 2004.

Lankaran-Talysh

Signed Jan. 13, 1997; effective June 1997

TotalFinaElf (35%, operator), Wintershall (30%), SOCAR (25%), OIEC of Iran (10%)

700 million barrels of oil

$2 billion; $36.6 million invested by 2000

First test well (2001) came up dry.

Yalama/D-222

Signed July 4, 1997; ratified November 1997

LukArco (60%, operator); SOCAR (40.0%)

750 million barrels at Yalama field

$4 billion

Conducted 2-D and 3-D seismic work.

Absheron 

Signed Aug. 1, 1997; ratified November 1997

SOCAR (50%); Chevron (30%, operator), TotalFinaElf (20%)

13 billion barrels of oil; up to 100 Tcf of natural gas

$3.5 billion; $10.6 million invested by 2000.

First well drilled in 2001 with poor results.

Oguz

Signed Aug. 1, 1997; ratified November 1997

ExxonMobil (50%, operator), SOCAR (50%)

550 million barrels of oil; 1.8 Tcf of natural gas

$2 billion; $5.5 million invested by 2000.

Dry well drilled in April 2001. ExxonMobil announced plans to quit the project in April 2002.

Nakhchivan

Signed Aug. 1, 1997; ratified November 1997

ExxonMobil (50%, operator), SOCAR (50%)

750 million barrels of oil

$2 billion; $22.5 million invested by 2000

ExxonMobil drilled one successful well, will drill a second well.

Kurdashi-Araz-
Kirgan Daniz

Signed July 7, 1998; 
ratified July 1998

SOCAR (50%), Agip (25%, operator), Mitsui (15%), TPAO (5%), Repsol (5%)

1.3 billion barrels of oil

$2.5 billion

First test wells drilled, with poor results.

Inam

Signed July 21, 1998; ratified December 1998

SOCAR (50%), BP (25%, operator), Royal Dutch/Shell (25%)

2.2 billion barrels of oil

$2 billion; $7.5 million invested by 2000

BP suspended drilling of its first appraisal well in Aug. 2001 due to high pressure.

Araz, Alov, and Sharg

Signed July 21, 1998; ratified December 1998

SOCAR (40%), BP (15%, operator), Statoil (15%), ExxonMobil (15%), TPAO (10%), Alberta Energy (5%)

4 billion barrels of oil

$10 billion

Confrontation with Iranian gunboat in July 2001; exploration suspended, pending resolution of Caspian Sea borders between Azerbaijan and Iran.

Atashgah

Signed December 25, 1998; ratified June 1999

SOCAR (50%), JAOC consortium (50%). JAOC divided as Japex (22.5%, operator), Inpex (12.5%), Teikoku (7.5%), and Itochu (7.5%)

750 million barrels of oil in Atashgah,
Mugandeniz, and Yanan Tava fields

$2.5 billion; $35 million invested in 1999.

Seismic work being undertaken.

Lerik, Jenab, 
Savalan, Dalga

Signed April 27, 1999

SOCAR (50%), ExxonMobil (30%, operator), unassigned (20%)

1 billion barrels of oil

$3 billion

Exploration D-43, D-44, and D-73 blocks

Zafar-Mashal

Signed April 27, 1999; ratified April 2000

SOCAR (50%), ExxonMobil (30%, operator), Conoco (20%)

1-2 billion barrels of oil

$3 billion

Exploration D-9 and D-38 blocks

Name of PSA

Project Partners

Estimated 
Reserves

Projected Investment

Project Status

Kalamaddin-Mishovdagh
(formerly AzPetoil JV)

Signed as JV in 1992; converted into PSA in 2000

Moncrief Oil (49.3%, operator); Pet Oil (35.7%); SOCAR (15%)

200 million barrels of oil

$1 billion

Production averaged 2,750 bbl/d of oil in 2000.

Anshad Petrol

Signed as JV in 1993; converted into a PSA in 2000

SOCAR (51%), Attila Dogan (31.5%), Land and General Berhard (17.5%)

219 million barrels at Neftchala, Khilly, Babazanan

--

Drilled 4 wells 1998-1999. Production averaged 900 bbl/d in 1999.

AzGeroil

Signed as JV in 1995; converted into a PSA in 2000

SOCAR (51%), Grunewald (49%)

140 million barrels at Ramany, Balkhany, and Sabunchi fields

--

Production averaged 1,000 bbl/d in 1999.

Southwest Gobustan

Signed June 2, 1998; ratified November 1998

Commonwealth Oil & Gas (67.25%, operator), SOCAR (20%), Sooner International (12.75%)

300 million barrels of oil; up to 900 billion cubic feet of natural gas

$900 million; planned $51 million in 2001

Still conducting 2-D seismic research.

Zykh-Govsany

Signed June 5, 2000

SOCAR (50%); Lukoil (50%)

150 million barrels of oil

$250 million

Rehabilitating fields; produced 1,830 bbl/d in 2000.

Kursangi-Garabagli

Signed December 15, 1998;  ratified April 1999

SOCAR (50%), CNPC (30%), Amerada Delta-Hess JV (20%)

750 million barrels of oil

$1 billion

Two CNPC subsidiaries bought out EBRD stake (acquired from Frontera) in 1/02; fields currently producing 5,500 bbl/d

Muradkhanli-Jafarli-Zardab

Signed July 21, 1998; ratified November 1998

Ramco (50%, operator), SOCAR (50%)

750 million barrels of oil

$1 billion

1st test well at Muradkhanli shut down in April 2001.

Padar-Kharami 

Signed April 27, 1999

Moncrief (80%, operator), SOCAR (20%)

750 million barrels of oil

$2 billion

Seismic work being undertaken.

Shirvanoil 

Signed as JV in 1997; converted into a PSA in 2000

SOCAR (60%), Whitehall (40%)

650 million barrels of oil at Kyurovdag field

 --

Rehabilitating existing wells since 1997. Production averaged 4,350 bbl/d in 2001.

West Absheron (Karadag-Kergez-
Umbaki fields)

Signed August 10, 1994

BMB (100%)

200 million barrels of oil

$700 million

SOCAR moved to take over the concession in December 1999 following BMB's request to suspend operations.