Bank Of Baku

Total may share its interest in Absheron Block with another French company

Total may share its interest in Absheron Block with another French company
# 27 February 2009 16:35 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. France’s Total SA plans to sell part of its share in the Absheron Block offshore gas field in the Caspian, said Total vice-president Yves-Louis Darricarrere after signing a production-sharing agreement on the Absheron Block with Azerbaijan’s state oil firm SOCAR.
Under the deal, Total took a 60-percent stake as the field operator, with SOCAR holding the remaining 40 percent.
“Under the agreement, we have the right to offer part of our participating interest. We intend to sell it to a French company. I don’t want to refer to the name of this company but everybody knows which company I mean,” he added.
Drilling of the first test well is expected to cost $100 million. But two extra wells may be required, he added.
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