Total announces today that it has signed an agreement with Azerbaijan’s state-owned SOCAR. The exploration, development and production sharing agreement (EDPSA) covers a license on the Absheron offshore block. This block is located in the Caspian Sea, 100 kilometers from Baku, in a water depth of around 500 meters.
Total will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60% interest and SOCAR will hold a 40% interest.
“Total is pleased to continue developing its presence in the Republic of Azerbaijan and to extend in the Caspian Sea. This agreement enters into the framework of the group’s global exploration strategy” said Yves-Louis Darricarrère, President Exploration and Production.
This latest exploration contract will strengthen Total’s ties with the Republic of Azerbaijan. The company will continue to support the development of Azerbaijan’s oil and gas industry over the long term.