Baku, Azerbaijan, May 3
By Leman Zeynalova – Trend:
The process of creation of the joint company JOCAP between Azerbaijan’s state oil company SOCAR and France’s Total for developing the Absheron gas field in the Caspian Sea has been completed, a source in the country’s oil and gas market told Trend.
“JOCAP was created and incorporated in the Netherlands. Local branch was also registered,” said the source.
In 2016 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 development of the Absheron field.
The first phase of the field’s development envisages drilling of one well at a sea depth of 470 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. It is planned to produce up to 4 billion cubic meters of gas as the second stage.
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.
The Absheron project will be operated by JOCAP (Joint Operating Company Absheron Petroleum) (50 percent SOCAR, 50 percent Total).
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