SOCAR, To­tal dis­cuss co­op­er­a­tion prospects

Azer News - - Business - By Sara Is­rafil­bay­ova

SOCAR and To­tal held dis­cus­sions on prospects for fu­ture co­op­er­a­tion, in­clud­ing the de­vel­op­ment of Ab­sheron gas con­den­sate field in the Caspian Sea.

Pres­i­dent of the State Oil Com­pany of Azer­bai­jan SOCAR Rov­nag Ab­dul­layev re­ceived a del­e­ga­tion headed by To­tal Vice Pres­i­dent for South­ern Europe and Caspian Re­gion Bernard Cle­ment on De­cem­ber 21.

Rep­re­sen­ta­tives of To­tal con­firmed that the Ab­sheron field has large hy­dro­car­bon re­serves (326 bil­lion cu­bic me­ters of gas and 108 mil­lion tons of con­den­sate).

In late 2016, SOCAR and To­tal signed a frame­work agree­ment on the main con­trac­tual and com­mer­cial prin­ci­ples reg­u­lat­ing the pro­gram for the first phase of de­vel­op­ment of the Ab­sheron field.

At the first stage, the field de­vel­op­ment in­cludes drilling one well at a depth of 450 me­ters. The ex­trac­tion will amount to 1.5 bil­lion cu­bic me­ters of gas a year, which will fully flow to the do­mes­tic mar­ket of Azer­bai­jan, as well as sig­nif­i­cant amounts of con­den­sate.

The agree­ment on ex­plo­ration, de­vel­op­ment and share dis­tri­bu­tion of pro­duc­tion at the Ab­sheron off­shore block was signed in 2009. At present, SOCAR and To­tal have equal shares in the project (50 per­cent each).

The Ab­sheron gas field is an off­shore nat­u­ral gas field in the Caspian Sea. The field is lo­cated 100 kilo­me­tres south­east of Baku and 25 kilo­me­tres north­east of the Shah Deniz gas field. It cov­ers ap­prox­i­mately 270 square kilo­me­ters.

The field is ex­pected to con­tain 350 bil­lion cu­bic me­tres of nat­u­ral gas and 45 mil­lion ton of gas con­den­sate. Ac­cord­ing to Azer­bai­jani au­thor­i­ties, the pro­duc­tion is likely to be­ing in 2021-2022.

SOCAR is a wholly state-owned na­tional oil com­pany head­quar­tered in Baku, Azer­bai­jan. The com­pany pro­duces oil and nat­u­ral gas from on­shore and off­shore fields in the Azer­bai­jani sec­tion of the Caspian Sea.

The com­pany in­cludes such pro­duc­tion as­so­ci­a­tions as Azneft (the en­ter­prises pro­duc­ing oil and gas on­shore and off­shore), Az­erikimya (the chem­i­cal en­ter­prises) and Az­eri­gas (dis­trib­u­tor of gas pro­duced in the coun­try), as well as oil and gas pro­cess­ing plants, ser­vice com­pa­nies, and the fa­cil­i­ties in­volved in geo­phys­i­cal and drilling op­er­a­tions.

To­tal is the world’s fourth-largest oil and gas com­pany, as well as a ma­jor in­te­grated player in low-car­bon en­er­gies. Backed by nearly a cen­tury of his­tory the com­pany dis­cover, pro­duce, trans­form, mar­ket and dis­trib­ute en­ergy in a va­ri­ety of forms, to serve the end cus­tomer.

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