Baku, Azerbaijan, Nov. 13
By Aygun Badalova - Trend: Drilling of the first appraisal well at the Absheron field in the Azerbaijani sector of the Caspian Sea is expected in 2017, Total E&P Azerbaijan's General Manager Christian Giudicelli announced at a conference entitled 'Caspian Oil and Gas Week', held in Baku.
"We hope that by early 2017 all contracts for the construction of the rig will be signed," he said.
Following the drilling of an exploration well, discovery of a major natural gas field Absheron in the Azerbaijani sector of the Caspian was announced in September 2011.
The field's potential reserves amount to 350 billion cubic meters of gas and 45 million tons of condensate.
Participants of the Absheron project comprise SOCAR (the State Oil Company of Azerbaijan) - 40 per cent, French companies Total - 40 per cent and Gaz De France Suez - 20 per cent.
The contract on the field was signed on February 27, 2009 between SOCAR and Total. Later Total sold 20 per cent equity participation to Gaz De France Suez.