New General Manager of Total E& P-Azerbaijan Appointed
Azerbaijan, Baku, 19 June / Trend / Mark Foiad has been appointed general manager of Total E& P-Azerbaijan who replaced Tyer Normann in this post.
New head of the company was introduced to the State Oil Company of Azerbaijan (SOCAR) by the vice president of the French Total on Continental Europe and Central Asia Arno Broyak who visited Baku.
In early June, SOCAR and Total signed an agreement on the major commercial principles on the joint development of the perspective offshore bloc Absheron the study of which was suspended several years ago by the foreign companies because of the revealed commercially unattractive volumes of hydrocarbon. The project envisages co-operatorship of SOCAR and Total, the share of which will make up 40% and 60% accordingly. A consortium of companies earlier worked in Absheron bloc operated by the American ChevronTexaco. Total also took part in this contract but, the reserves revealed in the well turned out to be commercially unattractive.
Total is taking part in the project of development of the gas and condensate Shah Daniz field in Azerbaijan with 10% share (also 10% share in South Caucasus gas pipeline). Total is the shareholder of Baku-Tbilisi-Ceyhan oil pipeline with 5% share.