Azernews.Az

By Trend

Plans for future drilling at Azerbaijan’s Absheron gas field in the Caspian Sea after completion of the first well are not frozen yet, an informed source in Azerbaijan’s oil and gas market told Trend.

The first well should be completed by end Q2-2019, noted the source.

Decisions on next phase will be taken if a profitable project can be agreed between French Total and SOCAR, added the source.

In 2016 Azerbaijan’s state oil company SOCAR and Total signed a framework 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 as the second stage.

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

The Absheron project will be operated by JOCAP (Joint Operating Company Absheron Petroleum) (50 percent SOCAR, 50 percent Total).

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