Total, SOCAR discuss prospects for development of Absheron gas condensate field

Baku, December 21, AZERTAC Total and SOCAR have discussed prospects for development of the Absheron gas condensate field and opportunities for future cooperation, as SOCAR's president Rovnag Abdullayev met the delegation led by Total's Vice-President of Europe and Caspian Region Bernard Clement. According to SOCAR, "Total" confirmed that based on the results of drilling operations at the first exploration well in September 2011 there are large volumes of hydrocarbon reserves (326 billion cubic meters of gas and 108 million tons of condensate) in the Absheron field. The first stage of the development of the Absheron field includes drilling a well at a depth of 450 meters. Floating semi-drilling rig will be used in drilling operations. Within this stage, the production of 1.3 billion cubic meters of gas is expected per year in plateau, while in the second phase of the project will produce 4 billion cubic meters of gas per year. The gas produced within the first phase will be directed to the domestic market of Azerbaijan, the company informed. The agreement on the exploration, development and production of the "Absheron" offshore block was signed in 2009. The Absheron offshore project participants are SOCAR - 50 percent, Total – 50 percent.