French Total on behalf of the partnership SOCAR - Total - GDF Suez issued 'Notice of Discovery and Commerciality' for Absheron field discovery in the Azerbaijani deep waters of the Caspian Sea.
"This step is an important milestone in the frame work of the Agreement on Exploration, Development and Production Sharing for the Absheron offshore block in the Azerbaijan sector of the Caspian Sea (EDPSA) signed on February 27, 2009. It is a confirmation of the importance of the discovery, announced in September 2011, on the Absheron X-2 well," Total said in its statement on official website on Monday.
According to the statement, the well results indicate gas resources of 150 to 300 billions of cubic meters (bcm) - 5 to 10 trillions of cubic feet (Tcf) - of non-associated gas with condensates in the Balakhany and Fasila formations on the Northern compartment of the structure.
According to Yves-Louis Darricarrère, President of the Exploration & Production branch of Total S.A., the declaration of commerciality marks an important step in company's activities as operator in Azerbaijan and its good cooperation with SOCAR and GDF Suez.
In September 2011, Azerbaijan announced the discovery of large gas reserves on the Absheron field in the Azerbaijani sector of the Caspian Sea.
The contract on the Absheron Field was signed on Feb. 27, 2009, between SOCAR and Total. Later Total sold 20 percent of its equity participation to Gaz De France Suez.