ChevronTexaco to Exit Absheron Project

ChevronTexaco has made the decision to exit the Absheron project located offshore Azerbaijan in the Caspian Sea. According to SOCAR, the oil major failed to find enough oil or gas during the discovery period. "Chevron told us they are not going to drill more wells and that they are leaving the project. They are not happy with discovered reserves," SOCAR's vice-president Khochbakht Yusufzade said. An official statement is expected on from ChevronTexaco on Friday.

ChevronTexaco signed for exploration rights in 1997. The first well drilled in 2001 failed to find commercially viable amounts of hydrocarbons.

SOCAR will look for another oil company to replace ChevronTexaco. SOCAR holds 50% of the project while ChevronTexao is the operator and holds 30%. TotalFinaElf holds the remaining 20% stake.