Total to prepare gas-condensate field development project on the Caspian Sea by the end of 2014

The consortium, headed by the French Total, developing the gas condensate deposit of Apsheron in the Azerbaijani sector of the Caspian Sea, will receive development program on approval by the end of the year. R.Abdullaev, president of SOCAR, said.

“Total will finish the development project preparation in 2014 and submit it for consideration at the Board of Management of the consortium,” Reuter writes, citing Abdullaev.

According to Abdullaev, the participants of the project are about to produce up to 5 billion cubic meters of gas a year at Apsheron. Inferred reserves make up 350 billion cubic meters of gas and 45 million tons of condensate.

SOCAR and Total signed a contract for the development of Apsheron on February 27, 2009. Later, an operator of the project Total transferred 20% of participatory share to Gaz De France Suez. To date SOCAR and Total have 40% each, Gaz De France Suez – 20%

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