ECONOMY


SOCAR, Total sign agreement to develop Absheron discovery in Azerbaijan

Baku, November 21, AZERTAC

SOCAR and Total have signed an agreement establishing the contractual and commercial terms for a first phase of production of the Absheron gas and condensate field, located in the Caspian Sea and discovered by Total in 2011.

The development involves the drilling of one well at a water depth of 450 meters, according to Total. Production from this high pressure field will be around 35 thousand barrels of oil equivalent per day, including a significant portion of condensate. The produced gas will supply Azerbaijan's domestic market, the company said.

This first phase of production will also enable a dynamic appraisal of the field for future phases.

Total is the operator of Absheron with a 40% interest alongside SOCAR (40%) and ENGIE (20%).

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