SOCAR’s First Vice
President Khoshbakht Yusifzade stated today that the discovery of huge
reserves in the Umid field in 2010 and the Absheron field in 2011 showed that
The field’s potential
reserves hit 350 billion cubic meters of gas and 45 million cubic meters of
condensate. Accordingly,
If Total, one of the
participants in the contract and currently operating in the field, will wait
for a new rig to drill a second exploration well, then gas production will be
possible as early as 2021-2022, Yusifzade said.
However, the company
intends to drill a sidetrack from the first exploration well at a depth of
President of Azerbaijan
Ilham Aliyev briefed about the discovery of large gas reserves on the Absheron
field in the Azerbaijani sector of the
According to Total, which
is one of the participants of the contract in exploration and development of
the Absheron field, gas reserves in the field are estimated at several trillion
cubic feet of gas and condensate, according to initial assessments.
Participants in Absheron
are SOCAR (40 percent), Total (40 percent), and Gaz De France Suez (20
percent).
The contract on the
Absheron Field was signed on Feb. 27, 2009, between SOCAR and Total. Later
Total sold 20 percent of its equity participation to Gaz De France Suez.
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