Baku, Azerbaijan, Dec.26
By Leman Zeynalova – Trend:
French TOTAL company is interested in participation in the development of Azerbaijan’s large Umid-Babek gas field in the Caspian Sea, a source in Azerbaijan’s oil and gas market told Trend.
The source noted that namely TOTAL’s possible participation in the project was the main topic of discussions during the recent meeting of Azerbaijani state oil company SOCAR’s president Rovnag Abdullayev and TOTAL Vice President for Southern Europe and Caspian Region Bernard Clement.
“TOTAL has a concrete interest in participating in Umid-Babek project. The sides are holding negotiations, however, currently it is impossible to predict the result of these talks,” said the source.
The source added that the decision on TOTAL’s participation in the project will be made next year.
SOCAR announced the discovery of Umid field in 2010.
The risk service contract (a contract with a minimum guarantee of compensation) for exploration and development of an offshore block including the Umid gas field and the promising Babek structure in the Caspian Sea was signed between SOCAR and SOCAR Umid Oil and Gas Ltd on January 12, 2017.
According to SOCAR’s data and the results of drilling of the first exploration well, the volume of the field reserves reach over 200 billion cubic meters of gas and 40 million tons of condensate.
Umid field is located 75 kilometers from Baku.
The reserve of Babek structure may stand at 400 billion cubic meters of gas and 80 million tons of condensate, according to preliminary data.
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