Total said on Nov. 21 it has signed an agreement with Azerbaijan national oil company SOCAR to develop the Absheron gas and condensate field discovered by Total in the Caspian Sea in 2011.
The agreement establishes contractual and commercial terms for a first phase of production for the field. The development will involve the drilling of one well, Total said.
“Production from this high pressure field will be around 35,000 barrels of oil equivalent per day, including a significant portion of condensate. The produced gas will supply Azerbaijan's domestic market,” it said.
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