Azerbaijan, Baku, 28 July / Trend corr. S.Aliyev, V.Sharifov/ The State Oil Company of Azerbaijan (SOCAR) and French Total intend to complete coordination and to sign by the end of the year an agreement to jointly develop prospective offshore Absheron block, SOCAR reported on 28 July.
The project envisages cooperation between SOCAR and Total, which stocks will be specified in the PSA as 40% and 60% respectively. The contract will envisage gas production from the Absheron block.
Total is well familiar with the Absheron project, since it was its stockholder until closing. Total has almost determined the technical element of the project and the place for a new exploration well.
A consortium of companies used to work in Absheron bock, with American ChevronTexaco being the operator. Total was involved in the project, but the well drilled revealed commercially unattractive reserves.
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