Total signs EDPSA with SOCAR for Absheron block

Feb 27, 2009 01:00 AM

Total has signed an agreement with Azerbaijan's state-owned SOCAR for an exploration, development and production sharing agreement (EDPSA) covering the Absheron offshore block.
This block is located in the Caspian Sea, 100 km (62 miles) from Baku, in a water depth of around 500 meters (1,640 ft).

Total will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60 % interest and SOCAR will hold a 40 % interest.
Total has been present in Azerbaijan since 1996. Its production averaged around 18,000 boepd in 2008.

Total's Azerbaijan operations are primarily concentrated on the Shah Deniz field, in which it has a 10 % interest. The field came on stream in December 2006. In November 2007, positive results were received from an appraisal well, which could lead to the launch of a second development phase for this field.
Total also has a 10 % stake in South Caucasus Pipeline Co., which owns the pipeline that carries Shah Deniz gas to Turkey and Georgia and a 5 % interest in the Baku-Tbilisi-Ceyhan oil pipeline from Baku to the Mediterranean Sea. In 2007, the pipeline was used in particular to export condensate from Shah Deniz.

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