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. Last Updated: 07/27/2016

Statoil Eyes Caspian

BAKU, Azerbaijan -- Norway's Statoil has received approval to start talks about the development of a new hydrocarbon area in the Azeri sector of the Caspian Sea, a senior company official said Thursday.

Harald Finnvik, vice president of Statoil Azerbaijan, said a number of blocks were under consideration, including D-8, D-10 and D-11, both deep-water areas in the middle of the Azeri sector, neighboring the giant ShakhDeniz gas field.

If talks are successful it would be Statoil's first operation in the former Soviet republic.

Until the beginning of last year, Statoil was joint operator of two projects, Shakh Deniz and Alov, in a formal alliance with British Petroleum, as the British company was then called.

But after BP merged with Amoco, the alliance with Statoil was dissolved, leaving the Norwegians without operatorship of a single Azeri project.