Total has signed an agreement with Azerbaijan national oil company SOCAR to develop the Absheron gas and condensate field.

Located in the Caspian Sea, the Absheron gas and condensate field was discovered in 2011 and is operated by Total.

Total holds 40% interest in the field, while the remaining ownership is held by Socar (40%) and Engie (20%).

The agreement includes contractual and commercial terms for a first phase of production at the offshore field, which will also allow for a dynamic appraisal of the field for future phases.

"Production is expected to be around 35,000 barrels of oil equivalent a day and includes a significant portion of condensate."

Total chairman and CEO Patrick Pouyanné said: “I’m delighted with this agreement, which we sign on the occasion of the 20th anniversary of Total’s presence in Azerbaijan, and which represents an important step to monetise the Absheron discovery made by Total in 2011.

“This agreement was made possible by the close cooperation between Total and Socar, which has allowed us to design a cost-competitive development scheme by tying the field to existing infrastructure in order to deliver gas at a competitive price.”

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The development work at this field will comprise drilling of one 450m-deep well, with production expected to be around 35,000 barrels of oil equivalent a day and includes a significant portion of condensate.

Gas produced from this field will be supplied to the domestic market of Azerbaijan.

Total has been operating in Azerbaijan since 1996. It currently has a 5% interest in BTC Co, owner of the BTC oil pipeline (Bakou-Tbilissi-Ceyhan), which connects Baku and the Mediterranean Sea.