Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Azeri Oil Group's Woes

BAKU, Azerbaijan -- Foreign multinationals are leaning to terminate a billion-dollar contract to develop off-shore oil reserves in Azerbaijan, but Azerbaijan could continue the project on its own, a top oil official said Tuesday.

Azeri state oil company president Natig Aliyev said that members of the Caspian International Petroleum Co. did not view their $18 billion production-sharing agreement as commercially viable.

"We have already invested $120 million in drilling three wells, and so far the members feel that further development is not commercially viable," Aliyev told a session of the Azeri parliament.

The consortium has drilled three exploration wells and failed to find significant amounts of crude.