Azerbaijan Development And Redevelopment

Azerbaijan Cancels Pact With Western Oil Companies: The government has apparently canceled the agreement to develop its Caspian Sea oil reserves just two weeks after the accord was formed. Political turmoil has left it unclear who is running the country. British Petroleum Co., Amoco Corp., Pennzoil Co. and Los Angeles-based Unocal, major Western partners in the venture, say they still expect to develop Azerbaijan's 4.4 billion barrels of proven reserves.

As a private helicopter of Russia's Lukoil swooped low over the Dada Gorgud drilling platform, the proprietary air among Lukoil's executives would hardly seem a source of comfort for Azerbaijani owners of the great oil wealth gushing up from the Caspian Sea. But the Russian oil giant's expanding investments in the newly independent "near abroad" signal a change in Moscow's strategy for cashing in on its former colonies' natural bounty.

As a private helicopter of Russia's Lukoil swooped low over the Dada Gorgud drilling platform, the proprietary air among Lukoil's executives would hardly seem a source of comfort for Azerbaijani owners of the great oil wealth gushing up from the Caspian Sea. But the Russian oil giant's expanding investments in the newly independent "near abroad" signal a change in Moscow's strategy for cashing in on its former colonies' natural bounty.

Azerbaijan Cancels Pact With Western Oil Companies: The government has apparently canceled the agreement to develop its Caspian Sea oil reserves just two weeks after the accord was formed. Political turmoil has left it unclear who is running the country. British Petroleum Co., Amoco Corp., Pennzoil Co. and Los Angeles-based Unocal, major Western partners in the venture, say they still expect to develop Azerbaijan's 4.4 billion barrels of proven reserves.