SOCAR and Total Sign Framework Agreement for Development of Absheron Field

SOCAR (State Oil Company of Azerbaijan) and the French Total signed a framework agreement on the Absheron field development principles on November 21.

"The framework agreement on the principles governing the program of development of the field Absheron was signed after a meeting of SOCAR head Rovnag Abdullayev with CEO of Total Patrick Puyang," SOCAR said.

According to Puyang, Total is interested in continuing cooperation with Azerbaijan.

He also noted that the company will continue to invest in oil and gas operations in Azerbaijan.

Puyang declared readiness of Total to participate in other oil and gas projects in Azerbaijan, including the development of prospective area projects Umid and Babek.

As previously reported by the head of SOCAR, drilling of the first production well on the Absheron field is to start in mid-2017. A first gas production at the field is scheduled to begin in the III-IV quarters of 2019.

The agreement on the exploration, development and production sharing of the Absheron offshore block was signed on 27 February 2009. Currently, the project participants are SOCAR (40%), Total (40% - operator) and GDF Suez (20%).

The contract was signed for 30 years.

As a result of drilling the first exploration well Total in September 2011 confirmed the presence of significant gas reserves in the Absheron field, which are estimated at 350 bcm of gas and 45 million tons of condensate. The Absheron block is located 100 kilometers from Baku at a depth of 500 meters. -0--

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