IRVING, Texas, April 24 /PRNewswire/ -- Exxon Azerbaijan Operating Company
LLC (Exxon Azerbaijan), a subsidiary of Exxon Mobil Corporation (NYSE: XOM),
announced today that the Agreement on Exploration, Development and Production
Sharing (PSA) for the Zafar-Mashal offshore exploration block in the
Azerbaijan sector of the Caspian Sea has been ratified by the Milli Mejlis
(Parliament) of the Azerbaijan Republic.
George MacDonald, Exxon Azerbaijan general manager, said, "We are
committed to be a long-term, significant participant with the Azerbaijan
Republic in the exploration and development of hydrocarbon resources in the
Azerbaijan sector of the Caspian Sea. We are pleased that the ratification
process has been completed. While the potential of the Zafar-Mashal block is
very attractive, drilling will be required to confirm the presence of
hydrocarbons."
The Zafar-Mashal PSA was signed by Exxon Exploration and Production
Caspian Sea Limited, a subsidiary of Exxon Mobil Corporation, and the State
Oil Company of the Azerbaijan Republic in Washington, D.C., during President
Heydar Aliyev's trip to the United States in April 1999. According to the
Agreement, SOCAR has a 50 percent interest, Exxon Exploration and Production
Caspian Sea Limited holds a 30 percent interest, and Conoco a 20 percent
interest. Exxon Azerbaijan will serve as operator.
This deepwater offshore exploration block, Zafar-Mashal (previously known
as D-9 and D-38), is located about 75 miles (110 kilometers) south-east of
Baku. The block is located in water depths ranging from about 1,800 feet
(550 meters) to 2,900 feet (900 meters) and covers about 250 square miles
(640 square kilometers).
SOURCE Exxon Mobil Corporation
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