Azerbaijan, Baku, May 21 / Trend , E.Ismayilov/
The State Oil Company of Azerbaijan Republic (SOCAR) together with the French Total identified point of drilling exploratory wells in Absheron unit. Drilling depth is not yet defined, but it is known that it will exceed 6,500 meters, SOCAR First Vice-President on geology, geophysics and mining Khoshbakht Yusifzade said on May 21.
"Drilling will begin before by late 2009. Tomorrow, the parliament will ratify the contract," Yusifzade said.
The contract signed between the State Oil Company of the Azerbaijani Republic (SOCAR) and French Total on the Absheron sea block dating February 27. One exploratory well worth $100 million will be drilled on the block in three years. Other two wells will be drilled on the block the next three years.
Under the contract, SOCAR owned 40 percent of shares and Total - 60 percent. Total will finance SOCR's share during exploratory period. Total may sell its share to another French company Gaz de France SUEZ in the future.