Summer 1999 (7.2)
Page 105

SOCAR
Moncrief

Padar

Map: Click to enlarge

Moncrief Oil International, Inc. (MOIL) of Texas, through its affiliate, Kura Valley Development Company, Ltd., signed an Exploration and Development Production Sharing Agreement (EDPSA) for the Padar and adjacent onshore area in the Lower Kura River Valley. The area is located 90 km southwest of Baku and encompasses approximately 1,050 sq km with a 40 percent relinquishment provision after 1 year. The minimum work program consists of three exploration wells over the course of three years. Ownership in the block consists of MOIL and its partner ISR of Azerbaijan (80%), and SOCAR (20%), with MOIL as the operator. The EDPSA block contains the Padar structure, Kharami structures, as well as a number of other geologic features of interest.

The Contract was signed by SOCAR President Natig Aliyev and Moncrief Oil International, Inc. Chairman Richard W. Moncrief.Moncrief anticipates assuming operations in the block in the fall of 1999 upon ratification of the contract by Azerbaijan's parliament. Azeri experts estimate potential recoverable reserves to be up to 100 million tons. If successful, total capital expenditures for the development of the area are in the range of $500 million to $1 billion over the life of the project.

Richard Moncrief of Moncrief Oil with Natig Aliyev of SOCAR at the Signing Ceremony for Padar.

Moncrief Oil is a privately owned family concern which has been producing oil and gas in the U.S. for over 60 years and is headquartered in Fort Worth, Texas. Moncrief has discovered and played a prominent role in the development of numerous major oilfields in Texas, Louisiana, Alaska, Oklahoma, New Mexico, Utah, California, Florida, California, Montana, Wyoming, North Dakota, Alabama and Mississippi.

Geoff Slater is the Baku Manager.


From Azerbaijan International (7.2) Summer1999.
© Azerbaijan International 1999. All rights reserved.

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