Conoco To Acquire Acreage in Caspian Sea.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 16, 2000 Conoco (NYSE NYSE See: New York Stock Exchange :COCA) (NYSE:COCB) will acquire a 20-percent interest in the Zafar Mashal exploration block in the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. , pending final ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. by the Azerbaijan Parliament. ExxonMobil is the operator, with a 30-percent interest in the block, which is located about 80 miles offshore Baku, Azerbaijan. The state oil company, SOCAR SOCAR State Oil Company of Azerbaijan Republic SOCAR Shuttle Operational Capability Assessment Report , holds a 50-percent interest. "Conoco has been evaluating opportunities in the Caspian for some time," said Executive Vice President Rob McKee. "The Zafar Mashal block offers us very promising acreage, located in the high-potential Volga Delta The Volga Delta is the largest inland river delta in Europe, and occurs where Europe's largest river system, the Volga River, drains into the Caspian Sea in Russia's Astrakhan Oblast, north-east of the republic of Kalmykia. play in the South Caspian basin -- an area that includes previously proved mega-discoveries. We're hopeful that we'll gain formal approval from the Parliament soon. "From a strategic perspective, exploration in the Caspian fits well with our long-term goal to grow Conoco into the future," McKee said. Conoco, celebrating its 125th anniversary, is a major, integrated energy company based in Houston and active in more than 40 countries. |
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