Total has confirmed that it has signed an agreement with Azerbaijan’s state-owned SOCAR for the exploration, development and production sharing agreement (EDPSA) which covers the Absheron offshore block. This block is located in the Caspian Sea, 100 km from Baku, in a water depth of around 500 metres.
Total will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60% interest and SOCAR will hold a 40% interest.
“Total will continue to developing its presence in the Republic of Azerbaijan and to extend in the Caspian Sea. This agreement enters into the framework of the group’s global exploration strategy” said Yves-Louis Darricarrère, president of exploration and production.
Key Facts
Field: Absheron offshore block in the Caspian Sea
SOCAR estimates Azerbaijan’s proven reserves at 17.5 billion barrels
Total has been present in Azerbaijan since 1996. Its production averaged around 18,000 barrels of oil equivalent per day in 2008.
The Group’s operations are primarily concentrated on the Shah Deniz field, in which it has a 10% interest.
Total has a 5% interest in the Baku-Tblisi-Ceyhan (BTC) oil pipeline from Baku to the Mediterranean Sea.
