Azerbaijan, Baku, April 25/Trend, E. Ismailov
Currently, the depth of the first exploration well at the promising structure Absheron in the Azerbaijani national sector of the Caspian is 2,800 meters, a source with the oil and gas market reported on Monday.
"Drilling continues and the depth has reached 2,800 meters," the source said.
According to earlier reports, drilling should end in September-October.
According to forecasts of the State Oil Company of Azerbaijan Republic (SOCAR), the reserves of the Absheron structure are estimated at 300 billion cubic meters of gas and 45 million tons of condensate.
The Absheron bloc is located about 100 km from Baku at a depth of 500 meters.
The depth of well will be 7,100-7,200 meters. The bloc's structure is characterized by high pressure, Project manager "Absheron" Total E & P Absheron BV Jean Carriay said earlier.
Absheron project Participants includes SOCAR (State Oil Company of Azerbaijan) - 40 percent, the French company Total - 40 percent and Gaz De France Suez - 20 percent.
The contract on the Absheron field signed Feb. 27, 2009 between SOCAR and Total. Later Total sold 20 percent of its equity participation in the contract to the company Gaz De France Suez.
This is the second attempt by foreign companies to start producing Absheron.
In 1997, the first PSA contract was signed for exploration and development.
The contract was signed between SOCAR and U.S. ChevronTexaco.
SOCAR received 50 percent of the equity participation, U.S. ChevronTexaco -- 30 percent and TOTAL - 20 percent. After drilling, the reserves were considered commercially unattractive, after which the contract was closed.