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
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review