TODAY.AZ / Business

Azerbaijan, France mull energy cooperation

22 September 2020 [12:55] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Azerbaijani Energy Ministry and the Movement of the Enterprises of France (MEDEF International) have discussed cooperation in the field of energy between the two countries’ public and private sectors.

The meeting was chaired by Deputy Energy Minister Elnur Soltanov and General Director of MEDEF International Philippe Gautier, with the participation of Azerbaijani Ambassador to France Rahman Mustafayev, French Ambassador to Azerbaijan Zacharie Gross and over 20 companies.

Assessing the "Absheron" project as a contribution to the Azerbaijani-French cooperation in the field of energy, the Deputy Minister drew attention to the information about the current stage of development of the energy sector of Azerbaijan.

Moreover, during the meeting work done in the field of renewable energy, electricity and energy efficiency, the legal framework and goals set to 2030 were discussed. In addition, the great potential for cooperation in the field of renewable energy were noted.

Likewise, the presentation on “Investment opportunities in the energy sector of Azerbaijan” was held.

It should be noted that MEDEF International has been cooperating with Azerbaijan since 1992. MEDEF International is a non-profit private-funded organization, created in 1989 by MEDEF, the French Business Confederation. MEDEF International is the most representative organization of the French private sector at an international level.

Additionally, it should be noted that 65 French companies operate in various sectors of the Azerbaijani economy, including industry, energy, trade, services, agriculture and others. In addition, so far Azerbaijan invested over $2.1 billion in the French economy, whereas over 42.2 billion was invested from the French side to Azerbaijan.

The trade turnover between two countries amounted to $168.9 million during the period of January- August 2020. Of this, export amounted to $55 million, while import to $113.8 million.

French TOTAL company holds 50-percent-share in the project to develop Azrbaijan's Absheron gas condensate field. TOTAL and State Oil Company of Azerbaijan (SOCAR) signed a relevant agreement in 2016 for a period of 30 years. SOCAR holds another 5 percent of shares. 

The field is being developed by JOCAP (Joint Operating Company of Absheron Petroleum), a joint venture between SOCAR and Total. The drilling was carried out by SOCAR's CDC (Caspian Drilling Company).

Absheron field is located in the Azerbaijani sector of the Caspian Sea, southeast of Baku: 100 km from Baku at a depth of 500 meters. The Absheron field is one of the largest gas and condensate fields in Azerbaijan, as well as the largest discovery by Total in the last 10 years.

At the peak of the project, about 5 billion cubic meters of gas per year can be produced. All gas produced in the framework of the first stage will be directed to the domestic market of Azerbaijan. Also, the field will produce about 10,000 barrels of condensate daily.

URL: http://www.today.az/news/business/197377.html

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