In drilling the NDEX-1 exploration well ExxonMobil fulfilled its obligations under the Oguz Production Sharing Agreement and there are no requirements to drill additional wells. ExxonMobil has not given up on the Oguz field entirely, but does not know when it will begin drilling any new exploration wells.
The Oguz field was being developed by ExxonMobil, which is also the operator, and Azerbaijan's state-owned oil company SOCAR. It had originally been thought to contain 95 million tonnes of oil.
Exploration in the Caspian's Karabakh field, operated by Pennzoil, and the Dan Uldusu-Ashrafi field, operated by BP, has also failed to find commercially-viable oil and gas reserves. In January, an exploration well in the the Kurdashi field, operated by Italian oil comany Agip, was unsuccessful.
ExxonMobil will now concentrate on the Nakhichivan field in the Caspian. Its subsidiary Exxon Azerbaijan Operating Company is preparing to start drilling there.
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