Baku, Azerbaijan, Jan.30
By Leman Zeynalova – Trend:
The process of creation of the joint JOCAP company by French TOTAL and Azerbaijan’s state oil company SOCAR for developing Azerbaijan’s large gas field Absheron in the Caspian Sea will soon be completed, a source in the country’s oil and gas market told Trend.
The source noted that it will take few weeks to complete the registering process of the company.
“JOCAP registering process is ongoing. It should take few weeks from now. Creation will be soon completed,” added the source.
Earlier, Azerbaijan’s state oil company SOCAR and TOTAL signed a framework agreement on the main contractual and commercial principles regulating the program of the first phase of Absheron field’s development.
The first phase of the field’s development envisages drilling of one well at a sea depth of 450 meters. The production will stand at up to 1.5 billion cubic meters of gas per year and these volumes, coupled with considerable amount of condensate will be used in Azerbaijan’s domestic market. In the second phase, it is planned to produce up to 4 billion cubic meters of gas per year.
TOTAL specialists estimate the reserve of Absheron field to stand at 326 billion cubic meters of gas and 108 million tons of condensate.
JOCAP, with 50 percent share held by SOCAR and TOTAL each, will be the operator of Absheron project.
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