The contract value has not been disclosed.
Earlier, SOCAR and Total signed a framework agreement in late 2016 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.
According to SOCAR’s geologists, 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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