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Prospects for Araz, Alov, Sharg Fields Exploration In 2005
In light of rising oil prices, considerable progress will be achieved in 2005 in the exploration and drilling operations on the prospective offshore fields Araz, Alov and Sharg, Chairman of Turkish Petroleum (TPAO), Mr. Osam Saim Dinc said. TPAO holds 10% in the Production Sharing Agreement for development of this field.
Dinc said that due to the ongoing increase in world oil prices, the company's shareholders are concerned with the non-operation of the deposits which contain considerable hydrocarbon reserves. He noted that he advocates exploring the oil and gas reserves of these fields soon, so that they will benefit the people in the littoral states.
Azerbaijan signed a contract with an international consortium operated by BP to develop this field. Exploration operations on these fields were suspended after Iran claimed ownership of them. Iran asserted its claim to these fields in July 2001 by sending a warship and two jets that forced the research vessel operated by BP out of that zone.
Iran wants all further development of oil deposits in the Caspian to be put on hold until agreement is reached on boundaries between all five states bordering the sea. Littoral states have established a working group that meets on a regular basis. While Russia, Kazakhstan, and Azerbaijan have an agreement on division of the sea-bed, a common agreement among all the littoral states has not yet been achieved.
Source: Azernews
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