Gaz de France gets stake in Caspian field
Russian oil producer, LUKoil Overseas, has signed an agreement with
Gaz de France to sell 15% of its stake in a project on tapping the
Yalama field in the Azeri sector of the Caspian Sea. The value of
the deal has not been disclosed.
The agreement must next be endorsed by Azerbaijan`s state energy firm, SOCAR.
Following the transaction, LUKoil would hold 65% of the project, while SOCAR maintains 20% and Gaz de France, 15%.
SOCAR and LUKoil signed a 25-year contract on developing the Yalama field (D-222) in 1997. However, exploration work carried out so far has not revealed significant oil and gas reserves. The drilling of a second exploration well is due to begin this fall.
The agreement must next be endorsed by Azerbaijan`s state energy firm, SOCAR.
Following the transaction, LUKoil would hold 65% of the project, while SOCAR maintains 20% and Gaz de France, 15%.
SOCAR and LUKoil signed a 25-year contract on developing the Yalama field (D-222) in 1997. However, exploration work carried out so far has not revealed significant oil and gas reserves. The drilling of a second exploration well is due to begin this fall.
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