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Azerbaijan registers office of GDF SUEZ E&P ABSHERON B.V.

Society Materials 7 January 2011 18:28
Azerbaijan registered a branch of GDF SUEZ E & P ABSHERON BV, "single window" of the Azerbaijani Ministry of Taxes said.
Azerbaijan registers office of GDF SUEZ E&P ABSHERON B.V.

Azerbaijan, Baku, Jan. 7 / Trend /

Azerbaijan registered a branch of GDF SUEZ E & P ABSHERON BV, "single window" of the Azerbaijani Ministry of Taxes said.

The founder of the branch is GDF SUEZ E & P ABSHERON BV (The Netherlands). The official representative is Liebold Geb.Fielder Heike (Germany).

It was registered last December.

GDF SUEZ is one of the three participants in the project on exploration and development of prospective structure "Absheron" in Azerbaijani sector of the Caspian Sea.

According to SOCAR geologists, the stocks of Absheron may hit 300 billion cubic meters of gas and 45 million tons of condensate.

The Absheron bloc is located about 100 kilometers from Baku at a depth of 500 meters.

Participants in Absheron are SOCAR (40 percent), Total (40 percent) and Gaz De France Suez (20 percent).

The contract on the Absheron Field was signed on Feb. 27, 2009 between SOCAR and Total. Later Total sold 20 percent of its equity participation to Gaz De France Suez.

This is the second attempt by foreign companies to start production of the Absheron. In 1997, the first PSA contract was signed for exploration and development between SOCAR and ChevronTexaco. SOCAR received 50 percent of the equity participation, ChevronTexaco - 30 percent and Total - 20 percent. However, after drilling, the reserves were considered commercially unattractive and the contract was closed.

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