Total Makes ‘Major’ Natural-Gas Discovery in Caspian Sea Off Azerbaijan By Stephen Bierman and Zulfugar Agayev
Sep 9, 2011 10:50 AM ET
bloomberg.com
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Total's Caspian Gas Find Holds 350 Bln Cubic Meters Of Gas-Socar
SEPTEMBER 12, 2011, 5:45 A.M. ET
online.wsj.com
MOSCOW (Dow Jones)--A new major gas discovery in the Caspian Sea by French oil major Total SA (TOT), the Absheron block offshore Azerbaijan, holds around 350 billion cubic meters of natural gas and 45 million metric tons of gas condensate, Azerbaijan's state energy company Socar said Monday.
Production from the Absheron field--a discovery that was announced by Total on Friday--may begin in 2021 or 2022, said Khoshbakht Yusifzade, Socar vice president. The launch date could be moved to 2016 to 2018 if an offshore platform is built, Yusifzade said.
Total is the operator with a 40% interest in the Absheron license, with GDF Suez SA (GSZ.FR) holding a 20% interest and the State Oil Company of Azerbaijan republic, or Socar, holding 40%.
-By Jacob Gronholt-Pedersen and Aida Sultanova, Dow Jones Newswires; +7 495 232-9197, jacob.pedersen@dowjones.com |
