By the beginning of the next century, more than a hundred oil firms operated in Baku.
It is one of the largest deals with an overseas oil firm in recent years.
It is unclear whether the two oil firms will carry on with the merger.
In 1870, Jones used his knowledge and savings to start his own oil firm.
If so, it didn't work, since oil firms continue to overpay.
Amerada, the largest independent oil firm, began the search in 1946.
Some European and American oil firms decided not to bid.
In 1967 he became president of the business, which was then a medium-sized oil firm.
He was involved with two oil firms in Oklahoma.
If prices were to fall substantially, there could be confrontation between oil firms and the government.