SOCAR AND TOTAL COMPANY SIGN EXPLORATION, DEVELOPMENT AND PRODUCTION SHARING AGREEMENT FOR ABSHERON BLOCK

Baku, February 27 (AzerTAc). Exploration, development and production sharing agreement for Absheron block in Azerbaijan today was signed in Baku.

The document was signed by Rovnag Abdullayev, President of the State Oil Company of
Azerbaijan (SOCAR) and Yves-Louis Darricarrere, President for Exploration &
Production of France`s Total Company. Participating interests are: SOCAR (40%),
Total (60%).
The event brought together Deputy Chairman of Milli Majlis (Azerbaijan Parliament)
Valeh Alasgarov, Ambassadors of France, Great Britain and Georgia and other
top-ranking officials.
Addressing the participants, Mr. Abdullayev told of history of oil industry in
Azerbaijan adding that due to nationwide Heydar Aliyev`s successful oil strategy,
Azerbaijan leads the world in terms of GDP growth rates. On Absheron block, he
underlined that Total will drill one exploratory well.
Minister of Azerbaijan`s Industry and Energy Natig Aliyev emphasized that
Azerbaijan`s oil and gas sector will play an important role in the world over the
next ten years.
Mr. Darricarrere emphasized that there were achieved much success in Azerbaijan`s
economy over the past years. Total Company has been functioning in Azerbaijan since
1996 and carrying out important projects.
Absheron block locates at a depth of 500 m of the Caspian Sea, 100 km far from Baku.