He went on to add that in order to be in position to submit the program by 4Q of 2015, the operator is forming up the selected development scheme.
The negotiations on this issue are ongoing, he said.
There is also preparation work for forming JOCAP (joint operating company Absheron petroleum), where 40 percent will be SOCAR`s, 50 percent - TOTAL`s, while 10 percent will be owned by third parties, Meyer said.
He also said that spud of the first well is expected in 2017, the final investment decision - by fourth quarter of 2017.
Spud of development on the well is expected by the third quarter of 2019, while the first gas is expected there by late 2021-early 2022, he said.
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