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Total talks about creation of JV with SOCAR

Oil&Gas Materials 20 February 2018 16:35 (UTC +04:00)

Baku, Azerbaijan, Feb. 20

By Maksim Tsurkov - Trend:

Creation of JOCAP (Joint Operating Company Absheron Petroleum) by Azerbaijan’s state oil company SOCAR and the French company Total for the development of Azerbaijan’s Absheron gas field in the Caspian Sea will be completed in the second quarter of 2018, according to a presentation by Total, an operator of the field’s development.

The presentation was made in Baku Feb. 20 at public hearings on the Environmental Impact Report of the drilling project.

The operation of the Absheron field is carried out by Total E&P Azerbaijan.

In the second quarter of 2018, the operation of the field will be transferred from Total E&P Azerbaijan to JOCAP, in which SOCAR and Total will have a 50 percent share each, according to the presentation.

JOCAP will undertake all commitments related to the field’s operation and its impact on the environment.

Earlier, SOCAR and Total signed a framework agreement on the main contractual and commercial principles regulating the program of the first phase development of the Absheron field.

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 1.5 billion cubic meters of gas per year and these volumes will be used in Azerbaijan’s domestic market.

Absheron’s reserves are estimated at 326 billion cubic meters of gas and 108 million tons of condensate, according to the estimations of Total specialists.

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