Apsheron well is a washout.(Brief Article)(Statistical Data Included)

Disappointing results are undermining Azeri hopes of finding substantial new oil and gas reserves

The first well at Chevron's offshore Apsheron project in Azerbaijan is virtually empty, say oil industry sources in the country. The news undermines Azeri hopes of entering the front ranks of the world's energy producers. And in a further blow for Azerbaijan's upstream prospects, Italian firm Agip has revealed that a second well at its offshore Kyurdashi field is also proving to be a disappointment.

Chevron's first well at Apsheron -- which had been tipped as a potential new Shakh Deniz -- is not even worth testing, says a source close to the project. "The gas …