Azerbaijan, Baku, 31 March / corr. Trend V. Sharifov/ The State Oil Company of Azerbaijan (SOCAR) and the French Total have agreed upon the basic commercial principles on the joint development of perspective sea bloc Absheron, the study of which was suspended several years ago because of the discovery of commercially unattractive volumes of hydrocarbon in the field by the foreign companies.
"We plan to sign a PSA contract to develop Absheron field, but this time the gas issues in the future agreement will be taken into consideration," SOCAR said.
According to SOCAR, in case of the discovery of gas in Absheron, the Company will take advantage of the experience which company obtained while developing Shah Deniz together with the foreign companies.
"Total is well-familiar with Absheron project as it was the part of the project until it ended. Total has already solved the technical issues of the project and it can estimate where a new well will be drilled," SOCAR said.
A consortium of companies has already worked in Absheron bloc- operated by the American ShevronTexaco. Total was part of that project as well, but the reserves discovered in the field were considered to be commercially unattractive.
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