BAKU, Azerbaijan, May 12. TotalEnergies company intends to expand cooperation with Azerbaijan, Trend reports via the Azerbaijani Ministry of Economy.
This issue was discussed during the meeting between the Minister of Economy of Azerbaijan Mikayil Jabbarov and the President of Exploration and Production at TotalEnergies Nicolas Terraz.
"At the meeting, successful cooperation between the State Oil Company of Azerbaijan (SOCAR) and TotalEnergies was noted, negotiations were held on expanding partnership in the oil and gas sector, and cooperation in the field of renewable energy production," the ministry added.
SOCAR and TotalEnergies signed an agreement on November 21, 2016, on determining the main contractual and commercial conditions of the first stage of development of the Absheron gas condensate field.
The agreement on exploration, development, and production sharing in the Absheron offshore block was signed on February 27, 2009.
The term of the contract amounts to 30 years. The contract area is 747 square kilometers.
The Absheron field is located in the Azerbaijani sector of the Caspian Sea, 100 km southeast of Baku, at a depth of about 500 meters. The reserves of the field are estimated at 350 billion cubic meters of gas and 45 million tons of condensate.
