Program being prepared for development of gas condensate field in Caspian
Baku, Azerbaijan, May 14
By Emil Ismayilov - Trend:
A program for field development will be presented by the end of the year to the board of the consortium for the development of Absheron gas condensate field in the Azerbaijani sector of the Caspian Sea, head of the Azerbaijan's State Oil Company (SOCAR), Rovnag Abdullayev said.
Abdullayev said at present, work is underway to prepare the program.
"Within the framework of the field's development, we're talking about an annual production and sale of some five billion cubic meters of gas," the head of SOCAR said.
The discovery of the Absheron large natural gas field in the Azerbaijani sector of the Caspian was announced in September 2011 following the drilling of an exploration well.
The field's potential reserves amount to 350 billion cubic meters of gas and 45 million tons of condensate.
The participants of the Absheron project include SOCAR -with a share of 40 percent- and French companies Total -with 40 percent- and Gaz De France Suez -with 20 percent.
The contract regarding the field was signed on February 27, 2009, between SOCAR and Total. Later, Total sold 20 percent equity participation to Gaz De France Suez.
Edited by S.I.