MOBIL SIGNS PSA FOR ACREAGE OFFSHORE AZERBAIJAN.FAIRFAX, Va.--(BUSINESS WIRE)--April 27, 1999-- Mobil Corporation annnounced today the signing of a production sharing agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. (PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. ) by an affiliate with the State Oil Company of the Azerbaijan Republic (SOCAR SOCAR State Oil Company of Azerbaijan Republic SOCAR Shuttle Operational Capability Assessment Report ) for an offshore block in the Azerbaijan sector of the Caspian Sea. The block, which is situated in the southern part of the Azerbaijan sector, covers an area of approximately 316 square miles (850 square kilometers) and contains the Savalan, Dalga, Lerik-Deniz and Janub prospects. The signing took place at The U.S. Capitol, Washington D.C., and was presided over by His Excellency HIS EXCELLENCY. A title given by the constitution of Massachusetts to the governor of that commonwealth. Const. part 2, c. 2, s. 1, art. 1. This title is customarily given to the governors of the other states, whether it be the official designation in their constitutions and laws or not. Heydar A. Aliev, President of the Republic of Azerbaijan, and William M. Daley, U.S. Secretary of Commerce. Under the terms of the PSA, Mobil will be the operator with a 30 percent interest in the block. SOCAR will hold a 50 percent interest and the remaining 20 percent has yet to be awarded. The PSA calls for a seismic program and two exploration wells to be completed over the first three years of the agreement. "This award strengthens Mobil's position in Azerbaijan and further reinforces our position as one of the leading players in the Caspian region", said M.W. Scoggins, President, International Exploration & Producing, Mobil Oil Corporation. Mobil opened a venture office in Baku, the capital of Azerbaijan Noun 1. capital of Azerbaijan - a port city on the Caspian Sea that is the capital of Azerbaijan and an important center for oil production Baku Azerbaijan, Azerbaijani Republic, Azerbajdzhan, Azerbajdzhan Republic - a landlocked republic in southwestern , in 1995 and in August 1997 signed a PSA for the Oguz offshore block. Seismic study has been carried out on Oguz, but exploration drilling has yet to take place. Outside Azerbaijan, Mobil's Caspian interests include a 25 percent stake in the giant Tengiz field onshore Kazakhstan and a 14.2 percent stake in the international consortium exploring offshore in the northern Caspian. Mobil also has a share in the Caspian Pipeline Consortium The Caspian Pipeline Consortium is an international consortium of 1,510-kilometer long oil pipeline from Tengiz field to the Novorossiysk-2 Marine Terminal on Russia’s Black Sea coast. It also major export route for the oil from Kashagan and Karachaganak fields. (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ), which is building a pipeline from Tengiz to the Black Sea. In Turkmenistan, Mobil has interests in the onshore Nebitdag and Garashsyzlyk PSAs. For more news and information about Mobil, please see us on the World Wide Web at www.mobil.com/news. |
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