SOCAR registers two companies to develop new fields in Caspian

Tue 15 May 2018 11:39 GMT | 11:39 Local Time

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Azerbaijan’s state oil company SOCAR registered two companies established jointly with foreign partners for the development of two new fields in the Caspian Sea, Azerbaijan’s Taxes Ministry said in a message posted on its website.

The Azerbaijani branches of SOCAR Absheron, established jointly with France’s Total to develop the Absheron gas field, and SOCAR Karabakh, established jointly with Norway’s Statoil to develop the Karabakh gas field, passed state registration in the Taxes Ministry April 25, 2018, AzVision reports.

The branches were registered at the following address: 121 Heydar Aliyev Ave., Narimanov District, Baku. The official representative of the branches is Vagif Aliyev, head of the Investments Department at SOCAR.

In 2016, SOCAR and Total signed an agreement on the main contractual and commercial principles regulating the program of the first phase development of the Absheron field.

The first phase of the field’s development envisages drilling of one well at a sea depth of 470 meters. The production will stand at 1.5 billion cubic meters of gas per year and these volumes will be used in Azerbaijan’s domestic market. It is planned to produce up to 4 billion cubic meters of gas at the second stage.

Absheron’s reserves stand at 326 billion cubic meters of gas and 108 million tons of condensate, according to the estimations of Total specialists.

News.Az

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