The original agreement for the Yalama prospect was signed in
Moscow on July 3, 1997, between LUKoil (60%) and SOCAR (40%).
Since then, LUKoil has assigned 100 percent of its interests
in the production sharing agreement (PSA) to LUKARCO. This prospect
is located in the northern part of the Azerbaijan sector of the
Caspian Sea near the Russian border.
LUKARCO is a joint venture company owned by
LUKoil (54%) and ARCO (46%). In addition to Yalama, LUKARCO also
owns interests in Tengiz (Kazakhstan) and the Caspian Pipeline
Signed July 3,1997
Ratified November 3,1997
Map: Click to enlarge
LUKARCO is a new company in Azerbaijan, having been registered
only in April 1998. Recently, they opened offices in Baku and
appointed Warren McFatter of ARCO as the President of the LUKARCO
Operating Company and Rim Bagmanov of LUKOIL as First Vice President.
The company has plans to conduct
2-D seismic operations on Yalama as soon as possible and later
this year to follow with a 3-D seismic program.
11 Taghiyev Street
Tel: (99-412) 92-32-35
Signing Ceremony between LUKOIL and SOCAR for the Yalama prospect
signed on July 3, 1997 in Moscow. SOCAR's President (left) Natig
Aliyev signed with LUKOIL's
President Vahid Alakbarov. President Heydar Aliyev and Russia's
President Boris Yeltsin also attended.
From Azerbaijan International (6.2) Summer 1998.
© Azerbaijan International 1998. All rights reserved.
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