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Natig Aliyev: Absheron holds more natural gas than Shah Deniz

22 May 2009 15:41 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Absheron offshore oil and gas block in Azerbaijanâ€™s sector of the Caspian Sea is estimated to hold more natural gas in reserve than Shah Deniz, said Azerbaijanâ€™s Minister of Industry and Energy Natig Aliyev.

The Shah Deniz project is a gas and condensate development in the Azerbaijan sector of the Caspian Sea with gas exports to foreign countries.

â€œEnormous gas reserves are estimated to be present in the deep layers of Absheron. Because this field areas is larger, we have a reason to say it hold as much gas as Shah Deniz and even more than the latter,â€ he added.

According to him, exploration work will be launched in Absheron to estimate how much gas it holds in reserve.

French supermajor Total and the State Oil Co. of Azerbaijan Republic signed a deal on February 27, 2009 for exploration and development of an offshore oil and gas block

Under the deal, Total took a 60-percent stake as the field operator, with SOCAR holding the remaining 40 percent.

Total and SOCAR in 2008 set the preliminary arrangements for the production, development and exploration at the Absheron oil and gas block in the Azeri waters of the Caspian Sea.