ExxonMobil Exits Turkmenistan

ExxonMobil Corp. will shut down its operations in Turkmenistan after disappointing test wells. In early February, ExxonMobil received disappointing samples from its Garashyzlyk-2 oil field having drilled to a depth of 11,320 feet. The company decided to stop the drilling to the originally planned depth of 17,390 feet. The company will close its offices Balkanabat in western Turkmenistan and Ashgabat.

ExxonMobil has led a consortium developing Garashyzlyk-2 since 1998. The company owns 52.4% of the venture. Monument Caspian Resources Ltd., a unit of Monument Resources Inc., holds 27.6% and Turkmenistan's state oil company Turkmenneft holds the remaining 20%.