SOCAR and Total to cooperate for the development of Absheron field

22/12/2017 10:59 Natural Gas

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Azerbaijan’s state oil firm SOCAR and France’s Total company negotiated prospects for future collaboration, counting the development of Absheron gas condensate field in the Caspian Sea, as stated in a message published on the SOCAR’s website on December 21.

A delegation managed by Total Vice President for Southern Europe and Caspian Region Bernard Clement was received in Baku by President of SOCAR Rovnag Abdullayev.


According to the message, representatives of Total confirmed that the Absheron field has huge hydrocarbon reserves, or 326 billion cubic meters of gas and 108 million tons of condensate.


Earlier, SOCAR and Total inked a framework deal in late 2016 on the most important contractual and commercial principles regulating the program for the first stage of development of the Absheron field.


At the first phase, the field development comprises drilling one well at a depth of 450 meters. The extraction will rise to 1.5 billion cubic meters of gas a year, which will completely flow to the domestic market of Azerbaijan, as well as important quantities of condensate.


The Joint Operating Company Absheron Petroleum (50 percent SOCAR, 50 percent Total) will operate the Absheron project.
 

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