JAOC Experiences Problems with Caspian Sea Well

The Japan Azerbaijan Oil Co. said it has stopped drilling an offshore test well on the Caspian Sea due to technical problems and high pressure in the well. The consortium began drilling the test well at the Atashkyah oil field offshore Azerbaijan last October, and said it had found some oil in the well. It is currently studying plans to drill a new test well at the field later this summer. The field is estimated to hold about 580 million barrels of oil.