Azerbaijan, Baku, June 3 / Trend , E.Ismayilov/
Drilling of an exploration well on the prospective offshore gas block Absheron may to be launched in the beginning of the next year, SOCAR First Vice President on Geology, Geophysics and Development of fields Khoshbakht Yusifzade said.
"The depth of the well which to be drilled has not been determined yet. First we need to solve some commercial issues," Yusifzade said.
The depth of the well is expected to be drilled in 7,000 metres depth.
Initially expected volumes on the field are 300 billion cubic metres.
The Absheron production sharing agreement (PSA) was signed between SOCAR and French Total on Feb. 27, a SOCAR source said.
An exploration well worth roughly $100 million will be drilled at Absheron within three years. Three exploration wells may be drilled within another three years.
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.
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