French Total company plans to carry out seismic exploration on Absheron offshore field in the Azerbaijani sector of the Caspian Sea, Khoshbakht Yusifzada, SOCAR's senior vice president, said.
He said the seismic exploration is needed to specify location of the production platform on the field.
As far as drilling is concerned, Yusifzada said that at present Azerbaijan does not have vacant semi-submersible floating drilling rigs and drilling on Absheron field will be resumed after construction of new drilling rigs.
Total is the operator of the project of exploration and development of Absheron offshore field. In July 2012 Total confirmed availability of gas resources on Absheron field. The results of the first exploration well proved availability of 150-300 billion cub.m. of natural gas and condensate on the north of the field.
On February 27, 2009 in Baku SOCAR and French Total signed production sharing agreement (PSA) on Absheron perspective offshore bloc in the Azerbaijani sector of the Caspian Sea.
Total's share in the project is 40%, SOCAR - 40% and Gaz de France SUEZ (GDF/SUEZ) has 20%.
Total E&P Absheron company will be responsible for all the costs of the exploration period, which will take three years, till approval of the working plan.-0-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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