ConocoPhillips Exploration Azerbaijan LTD closes its branch in Azerbaijan.
ConocoPhillips Exploration Azerbaijan LTD in connection with the closure of the branch will receive claims from creditors within two months, Interfax Azerbaijan reported referring to the company's announcement.
In July 2011, SOCAR and ConocoPhillips Exploration Azerbaijan LTD signed a research agreement on additional exploration activities in the Azerbaijani land territory. The goal of the project was to identify new promising oil and gas fields on land and to assist in future exploration, as well as a positive impact on the socio-economic development of the regions.
In general, ConocoPhillips is currently not a party to oil and gas contracts in Azerbaijan. The company had a 20% interest in the contract for the development of a promising structure Zafar-Mashal in the Azerbaijani sector of the Caspian Sea. The project was closed after drilling the first exploration well and the failure of the operator of the ExxonMobil project, from continuing exploration.