Industry and Energy

Industry and Energy

One more French energy giant takes stake in Azerbaijan gas project

01 July 2009 10:00 (UTC +04:00)

Jean-Marie Dauger, executive vice president of GDF Suez’s global gas and LNG business line, stated, "GDF Suez, which has opened offices in Baku, is very pleased about this operation in Azerbaijan, a major hydrocarbon producing and exporting country; it demonstrates GDF Suez’s desire to be a long-term partner in the country and to consolidate its presence in the Caspian Sea region."

No financial details were disclosed of the stake for the Absheron offshore block in the Azerbaijani sector of the Caspian Sea.

According to the deal, GDF Suez S.A. acquired a 20% stake from another French supermajor Totalâ€™s 60% participating interest in the project.

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% stake as the field operator, with SOCAR holding the remaining 40%.

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.

Absheron offshore oil and gas block is estimated to hold more natural gas in reserve than Shah Deniz, a field considered the main gas source for the Nabucco pipeline.

GDF Suez S.A., a French-based energy company was formed by the merger of Gaz de France and Suez on 22 July 2008.