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APACHE INTERNATIONAL TO EVALUATE AZERBAIJAN OIL FIELD DEVELOPMENT

 APACHE INTERNATIONAL TO EVALUATE AZERBAIJAN OIL FIELD DEVELOPMENT
 DENVER, May 14 /PRNewswire/ -- Apache International Inc. announced today that it has received the approval of the Government of Azerbaijan to evaluate the feasibility of developing the offshore Kapaz oil field in the Caspian Sea. This agreement follows negotiations initiated last year which produced two protocols of intent with Kaspmorneftegas, the republic's offshore exploration and production company, to conduct joint development evaluation.
 Under the terms of the agreement, which has been approved by the Azerbaijan Prime Minister upon recommendation of the Council of Ministers and of Goseconomplan, Apache International and Kaspmorneftegas will conduct technical and commercial feasibility studies and develop a plan for delineating and exploiting the Kapaz field on which three wells had previously successfully tested for hydrocarbons. Terms for the participation in potential future development and sharing of production will be concurrently negotiated between Apache International and officials of the republic and of both Kaspmorneftegas and its parent company, Azerineft.
 The Kapaz field (previously named the October Revolution field), discovered in 1987, is located in water depths ranging from 250 to 325 feet and has significant potential. On trend with several large Caspian Sea producing fields, it is located some nine miles east of the Azeri field which is scheduled for development by a consortium of Western companies.
 Apache International currently holds interests in exploration licenses in the Congo, France, Angola, Indonesia and Australia, as well as production interests in three producing oil fields offshore northwest Australia.
 Apache International is a subsidiary of Apache Corp. (NYSE: APA), a Houston-based independent energy company engaged in the exploration for and development and production of oil and natural gas. Apache Corp.'s securities are traded on the New York and Midwest Stock Exchanges (symbol: APA).
 -0- 5/14/92
 /CONTACT: Jeanne Buchanan of Apache Corp., 713-297-9207/
 (APA) CO: Apache International Inc.; Apache Corp. ST: Colorado IN: OIL SU:


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Publication:PR Newswire
Date:May 14, 1992
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