Total and Socar have struck an agreement for the first phase of production of the Absheron gas and condensate field in the Caspian Sea, reported Total on November 21, 2016.
«I’m delighted with this agreement, which we sign on the occasion of the 20th anniversary of Total’s presence in Azerbaijan, and which represents an important step to monetize the Absheron discovery made by Total in 2011» said Patrick Pouyanné, Chairman and CEO of Total.
Socar president Rovnag Abdullayev congratulated Total’s management for the 20th anniversary of its activity in Azerbaijan and wished them successes in the future.
The project was discovered in 2011. The development involves the drilling of one well at a water depth of 450 metres.
Production from the 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 first phase of production is also expected to enable a dynamic appraisal of the field for future phases.
Total is the operator of Absheron with a 40% interest alongside Socar with 40% and Engie with 20%.
Total has been present in Azerbaijan since 1996.
Total also holds a 5% interest in BTC Co, owner of the BTC oil pipeline (Baku-Tbilissi-Ceyhan), which connects Baku and the Mediterranean Sea.
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