Azerbaijan's Parliament has ratified the exploration, development, and production-sharing agreement for the Zafar-Mashal exploration block in the Azeri sector of the Caspian Sea, says ExxonMobil Corp.
The 640 sq km block lies 110 km southeast of Baku in 550-900 m of water. Zafar-Mashal was previously known as D-9 and D-38 Blocks.
The PSA for the block was signed in Washington, DC, during the April 1999 visit of Azerbaijan President Heydar Aliyev (OGJ, May 3, 1999, p. 46). State Oil Co. of Azerbaijan Republic has a 50% interest, Exxon Exploration & Production Caspian Sea Ltd. holds 30%, and Conoco Inc. owns 20%. Exxon Azerbaijan will serve as operator.
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."
