How Badly They Want It

by Nathan Hamm on 6/27/2005

How badly do Western companies–puppets of Team Neo-Con, no doubt–want Eurasian oil? Well, this badly:

ExxonMobil will pay $30 mln. to the Azerbaijani state as compensation for its abandonment of the Nakhchivan offshore oil project, said Natig Aliyev, president of the national oil company SOCAR.

The US company signed an agreement with SOCAR in 1997 to develop the project, with each party receiving a 50 pct share in the development.

But after drilling an initial exploratory well at a cost of $80 mln, Exxon concluded that the project was not commercially viable, although SOCAR insisted on the drilling of a second well as specified in the initial agreement.

Just food for thought…


Subscribe to receive updates from Registan

This post was written by...

– author of 2991 posts on 17_PersonNotFound.

Nathan is the founder and Principal Analyst for Registan, which he launched in 2003. He was a Peace Corps Volunteer in Uzbekistan 2000-2001 and received his MA in Central Asian Studies from the University of Washington in 2007. Since 2007, he has worked full-time as an analyst, consulting with private and government clients on Central Asian affairs, specializing in how socio-cultural and political factors shape risks and opportunities and how organizations can adjust their strategic and operational plans to account for these variables. More information on Registan's services can be found here, and Nathan can be contacted via Twitter or email.

For information on reproducing this article, see our Terms of Use

Previous post:

Next post: