The US oil and gas company Exxon South Caspian Limited has announced the liquidation of its branch in Azerbaijan.
In 1999 Exxon South Caspian Limited acquired a 15% stake in the Araz-Alov-Sharg oil field, which is located 180 kilometers from Baku in the Caspian Sea. The company's partners on the project were: BP (operator) - 15%, Norway's Statoil - 15%, Turkish TPAO - 10%, Canadian Alberta Energy - 5%, and SOCAR - 40%. During that period, the amount of required investments in the project was estimated at $4 billion.
The project has been frozen till Azerbaijan and Iran solve the Caspian Sea status, abc.az reports.
According to SOCAR, the share of Exxon South Caspian in the Araz-Alov-Sharg project is 5%.
