AZERBAIJAN - The Inam JV.

APS Review Gas Market Trends, July, 2002

With the fifth PSA signed in 1998 by President Aliyev, this BP-operated offshore block is said to contain 2.2 bn barrels of oil and investment by the JV is expected to reach up to $3 bn. The partners are BP (25%), Shell (25%) and Socar (50%).

In January 2002 BP hit high pressure in its first wildcat, drilled to 4,442 metres and in 137 metres of water by the semi-submersible rig Dede Gorgud. BP later suspended the well to bring in a higher-rated rig.

Returning to Azerbaijan after almost 90 years, Shell in early 2000 got the 25% stake in the Inam venture half from Monument Resources (Caspian), a unit of Lasmo (which is now part of ENI), and half from Central Fuel Caspian Sea of Russia.

The Alov JV: With the PSA signed in mid-1998, the 1,400 sq...

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