Geoffroy Roux de Bézieux said that favorable conditions have been created in Azerbaijan for the activities of foreign companies. He also stressed the successful cooperation between the two countries in the energy sector.
Abdullayev, in turn, noted the successful activities of French companies in Azerbaijan and stressed the fruitful cooperation between SOCAR and French companies as part of regional and global energy projects.
The SOCAR president added that cooperation with French entrepreneurs will be expanded.
In 2016, SOCAR and French Total company signed a framework agreement on the main contractual and commercial principles regulating the first phase of development of the Absheron field.
The first phase of the field’s development envisaged drilling one well at a sea depth of 450 meters. The production will stand at 1.5 billion cubic meters of gas and 700,000 tons of condensate per year to be supplied to Azerbaijan’s domestic market. It is planned to produce up to four billion cubic meters of gas at the second stage.
Absheron’s reserves are estimated at 326 billion cubic meters of gas and 108 million tons of condensate, according to the Total specialists.