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SOCAR, Total to drill first well at Absheron in 2010

03 June 2009 14:19 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Azerbaijanâ€™s SOCAR and Franceâ€™s Total plan to drill the first well at Absheron offshore oil and gas block in Azerbaijanâ€™s sector of the Caspian Sea in 2010, said SOCAR President Rovnag Abdullayev.

According to him, work is under way to choose the site for an exploration well, to determine the design depth and initial production.

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.