Depth of offshore exploration well to hit 6,000 meters in Azerbaijan
Azerbaijan, Baku, March 30 / Trend , E.Ismayilov/
The depth of an exploration well on the giant offshore Absheron unit will be over 6,500 meters, an energy source said on March 30. The State Oil Company of the Azerbaijan Republic (SOCAR) and Total signed a production sharing agreement on Feb. 27 to develop the unit.
"Drilling at the unit will be implemented at no less than 6,500-6,800 meters," the source said.
However, geophysical research must be conducted to launch work at the unit, the source said.
An exploration well worth roughly $100 million will be drilled at Absheron within three years, Total Vice President Yves Louis Darricarrere said in Baku earlier.
Two exploration wells may be drilled within another three years, Darricarrere added.
"Absheron is a complex field. There are large risks, but drilling at such fields is part of Total's strategy," he said.
Under the contract, SOCAR received a 40-percent share and Total - a 60-percent share in the project.
Total will finance SOCAR's share during exploration.
In the future, Total's share may be resold to Gaz de France SUEZ.
The Absheron block is located 100 kilometers from Baku.
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