TotalFinaElf-led Azeri Consortium May Close Down

The TotalFinaElf-led consortium Lenkoran Talysh-Deniz may close down after drilling a dry exploration well, report an official from the State Oil Company of Azerbaijan (SOCAR). TotalFinaElf officially requested release from drilling a second exploration well, for which it would pay financial compensation.

The consortium, which also includes SOCAR, Germany's Wintershall and Iran's OIEC, announced in March that its first well in the Lenkoran Talysh-Deniz offshore block southeast of Baku had failed to produce sufficient oil.

SOCAR is examining the offer for compensation. Lenkoran Talysh-Deniz was originally estimated to hold some 110 million tons of hydrocarbons and was expected to attract investments of up to 2 billion USD.


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