Total signs deal with Azerbaijan's SOCAR to develop Absheron
PARIS – Total and SOCAR, the national oil company of Azerbaijan, 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.
“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. “This agreement was made possible by the close cooperation between Total and SOCAR, which has allowed us to design a cost-competitive development scheme by tying the field to existing infrastructure in order to deliver gas at a competitive price.”
The development involves the drilling of one well at a water depth of 450 m. Production from this high pressure field will be around 35,000 barrels of oil equivalent per day, including a significant portion of condensate. The produced gas will supply Azerbaijan’s domestic market.
This first phase of production also will enable a dynamic appraisal of the field for future phases.
Total has been present in Azerbaijan since 1996. Total also holds a 5% interest in BTC Co, owner of the BTC oil pipeline, which connects Baku and the Mediterranean Sea.
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