French Total Company negotiates to re-assign part of its share in gas project in Azerbaijan
Azerbaijan, Baku, June 3 / Trend , E.Ismaylov /
The Total Company, which is the operator of exploration project on Absheron perspective gas block in the Azerbaijani section of the Caspian Sea, negotiates with Gaz de France SUEZ (GDF/SUEZ) to re-assign 20 percent of its participation share in the project, said the senior official of SOCAR on June 3.
"In principle, we do not object to participation of Gaz de France in this project, but the legalization has not taken place yet," he added.
In addition to Gaz de France, another company claimed to participate in this project, but the representative of SOCAR did not named it.
During three years, one exploration well costing $100 million will be drilled in Absheron block. The design depth exceeds 6,500 meters. Drilling can begin by the end of the year.
In the future, for another three years, possibly drilling of two exploration wells. Block Absheron is located 100 km from Baku at a depth of 500 meters.
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