Gaz De France Suez joins EITI in Azerbaijan
Azerbaijan, Baku, Oct. 6 / Trend /
GDF SUEZ Exploration Caspian B.V. became 27th extractive sector company that joined Memorandum of Understanding on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU on October 2, 2009. GDF SUEZ Exploration Caspian B.V. will submit the 2009 semi-annual report on payments to the government of Azerbaijan.
The National Committee on EITI, 21 foreign and local extractive industry (oil and gas) companies and non-governmental organizations, including SOCAR, BP Azerbaijan, Exxon, Statoil, Total, Lukoil, Unocal, Shell, and Devon Energy, signed MOU on November 24, 2004. Inpex of Japan, Binagadi Oil, RAFI Oil, NICO and Apsheron Investment Ltd joined MOU later by signing the Instrument of Accession.
Shareholders of the Apsheron project are the State Oil Company of the Azerbaijani Republic (SOCAR) - 40 percent, the French Total - 40 percent and Gaz De France Suez - 20 percent. The contract signed between SOCAR and French Total on the Apsheron sea block dating February 27. After it, Total sold 20 percent of its shares to Gaz De France Suez. Recently, it has become a giant oil and gas contract, signed in Azerbaijan. One exploratory well worth $100 million will be drilled on the block in three years.