Total presents plan on Absheron field’s development to SOCAR
Baku, Azerbaijan, Dec. 5
By Maksim Tsurkov – Trend:
France’s oil and gas corporation Total presented a program on development of big Absheron gas and condensate field in the Caspian Sea for a final approval to Azerbaijan’s state oil company SOCAR, a source in SOCAR told Trend Dec. 5.
“The program has been presented to SOCAR for approval,” said the source. “The program’s consideration will take up to 90 days.”
Earlier, SOCAR and Total signed a framework agreement on main contract and commercial principles regulating the program of the first stage of the Absheron field’s development.
At the initial stage, the field’s development includes the drilling of a well with a depth of 450 meters. The first gas from the field is planned to be extracted in 2019.
Earlier, SOCAR President Rovnag Abdullayev said Total may start drilling the first well at the Absheron field in mid-2017.
Reserves of the Absheron field are estimated at 350 billion cubic meters of gas and 45 million tons of condensate, according to SOCAR.
Participants of the Absheron project are SOCAR (40 percent), Total (40 percent) and Engie (20 percent).
Follow the author on Twitter: @MaksimTsurkov