(MENAFN- Trend News Agency ) Details added (first version posted on 16:59)
Baku, Azerbaijan, Oct. 26
By Maksim Tsurkov – Trend:
The second stage of development of Azerbaijan's Absheron gas field in the Caspian Sea will cover the 2020-2023 period, Bernard Clement, vice-president of Europe and Caspian Region at France's Total company, said.
Clement made the remarks Oct. 26 at a meeting with Azerbaijani Energy Minister Parviz Shahbazov in Baku, Azerbaijan's Energy Ministry said in a message.
Shahbazov highly appreciated Total's role in the implementation of Azerbaijan's gas potential and said that large gas reserves in the Absheron field in the Azerbaijani sector of the Caspian Sea in the future will play a big role both in terms of meeting domestic demand and achieving strategic goals for gas exports.
'Using a modern drilling rig, as well as applying Total's experience in exploration and drilling, will make it possible to speed up work on the field and start gas production on schedule,' Shahbazov said.
Clement, in turn, provided detailed information on the program of Absheron field's development, exploration drilling, expected volumes of gas and condensate production, and said that it is planned to annually produce five billion cubic meters of gas at the second stage of the field's development.
The parties also discussed possible participation of Total in the exploration and development of an offshore block, which includes the Umid gas field and the promising Babek structure.
Earlier, SOCAR and Total signed a framework agreement on the main contractual and commercial principles regulating the first phase of Absheron's development.
The first phase of the field's development envisages drilling one well at a sea depth of 450 meters. The gas output will be up to 1.5 billion cubic meters per year, which will be used in Azerbaijan's domestic market.
Absheron's reserves are estimated at 350 billion cubic meters of gas and 45 million tons of condensate.
The Absheron project will be operated by the Joint Operating Company Absheron Petroleum (50 percent SOCAR, 50 percent Total).
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