Chevron Texaco company official representatives declared they intended to refuse from participation in the exploitation of Apsheron field in the Azeri segment of the Caspian Sea. In compliance with a contract between Chevron Texaco, TotalFinaElf and others making part of the Apsheron consortium, two oil wells should have been holed in the aforementioned field. The first was bored in 2001 and cost $78 million (the most expensive in the Caspian Sea). Nevertheless, as reported by “Arminfo” agency, no appreciable results were attained. Chevron Texaco official representatives have passed the decision in spite of the fact that the refusal from their commitments will entail payment of an indemnity. As reported by a top official of the company, many foreign companies operating in Azeri oil fields will have to repudiate their obligations conditioned by the economic inexpedience of further exploitation.
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