The more probable hydrocarbon reserves on an Azerbaijan offshore bloc, Absheron are gas and gas condensate. The depth of the sea on the field is 400-500 meters, a source in SOCAR informed Trend today.
One exploratory well was earlier drilled on the bloc; however it did not reveal commercially-interesting hydrocarbon reserves.
On February 8, Memorandum On Mutual Understanding on the development of Azerbaijan offshore bloc, Absheron was signed between the State Oil Company of Azerbaijan (SOCAR) and French oil giant Total in the Azerbaijan Capital. According to the conditions of the memorandum signed, the parties are to agree the terms of the agreement and PAS contract within 12 months.
The project on the development of the above-mentioned offshore bloc was suspended. The parties to the previous Absheron Project was ChevronTexaco of USA (the operator) - 30%, SOCAR - 50%, and Total - 20%.The contract was signed in August, 1997, and then ratified in the very year.
Just one well was drilled on the bloc. The parties to the project acknowledged the further development of the bloc inefficient and rejected to drill another (the second) well by paying a compensation to SOCAR. The contract was canceled only in 2005.