Japanese-led Consortium Strikes Pay in Caspian Sea
Thursday, February 13, 2003
A Japanese consortium led by Japex has hit pay a second time in the Atashkyah field located in the Caspian Sea. An estimate of potential reserves was not immediately available. Further drilling will need to take place before the commercial viability of the project can be assessed. The consortium, Japanese Azerbaijan Oil Company, is comprised of Japex, Itochu and Inpex holds a 50% stake in the field and Socar holds the other 50%. Drilling was stopped last June on the first offshore well in the Atashkyah field because of technical problems and high pressure in the well.