Total Signs Agreement With Azeri SOCAR

The exploration, development and production sharing agreement (EDPSA) covers a license on the Absheron offshore block. This block is located in the Caspian Sea, 100 kilometers from Baku, in a water depth of around 500 meters.

Total will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60% interest and SOCAR will hold a 40% interest.

Total has been present in Azerbaijan since 1996. Its production averaged around 18,000 barrels of oil equivalent per day in 2008.

This latest exploration contract will strengthen Total's ties with the Republic of Azerbaijan. The company will continue to support the development of Azerbaijan's oil and gas industry over the long term.

Author: Ksenia Kochneva