An agreement for the exploration, development and share distribution at the Zafar and Mashal structures was signed on April 27, 1998 and ratified by the Azerbaijani parliament on May 8, 2000. The contract is divided as follows: the State Oil Company of the Azerbaijani Republic (SOCAR) - 50%, ExxonMobil (the operator) - 30%, ConocoPhilips - 20%. Forecast reserves at the structure are estimated at 140 million tons.
In addition to this structure, ExxonMobil has a share in other oil contracts in the Azerbaijani sector of the Caspian Sea: in a contract for the exploration and development of the Oguz structure - 50%, the Nakhchyvan structure - 50%, the Araz-Alov-Sharg structure - 15% and the Azeri-Chirag-Gunashli project - 0 8%. Total investment by the company in all of these projects will exceed $1 billion.
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