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 Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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