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. Last Updated: 07/27/2016

Caspian Oil Pullout

MOSCOW -- A multinational consortium led by BP-Amoco has folded up its operations after its test drill failed to discover viable reserves, Interfax reported Friday from the Azeri capital, Baku.

The North Apsheron Operating Company was formed to develop the Ashrafi and Dan-Ulduzu fields in Azerbaijan's sector of the Caspian Sea.

BP-Amoco Vice President Peter Henshaw said consortium members agreed to drop the project even though the exploration contract is valid through March 2000.

Drilling indicated 10 million metric tons of proven reserves, well short of original forecasts , Interfax quoted Akif Narimanov, a senior geologist at the Azeri state oil company SOCAR, as saying.