Baku, Azerbaijan, Feb.2
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR and French TOTAL are discussing the possible participation of the latter in the project for development of Azerbaijan’s Umid-Babek block of gas fields, an informed source in Azerbaijan’s oil and gas market told Trend.
The source noted that the sides are progressing with discussions on this issue.
“A meeting took place between TOTAL CEO Patrick Pouyanne and SOCAR President Rovnag Abdullayev during the World Economic Forum in Davos and some principles were agreed for a possible farm-in,” said the source.
It was earlier reported that the decision on TOTAL’s possible participation in the project will be made in 2018.
TOTAL is the participant and technical operator of development of Absheron gas field in Azerbaijan.
SOCAR announced the discovery of Umid field in 2010.
The risk service contract (a contract with a minimum guarantee of compensation) for exploration and development of an offshore block including the Umid gas field and the promising Babek structure in the Caspian Sea was signed between SOCAR and SOCAR Umid Oil and Gas Ltd on January 12, 2017.
According to SOCAR’s data and the results of drilling of the first exploration well, the volume of the field reserves reach over 200 billion cubic meters of gas and 40 million tons of condensate.
Umid field is located 75 kilometers from Baku.
The reserve of Babek structure may stand at 400 billion cubic meters of gas and 80 million tons of condensate, according to preliminary data.
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