SOCAR stands ready to involve foreign participant to Azerbaijan's major gas project

"SOCAR has informed Total about its agreement to transfer French company's share to the Gaz de France SUEZ in the Absheron project", SOCAR said.

A contract of PSA type on the Absheron field was signed between SOCAR and Total in March. SOCAR owns 40 percent shares and Total - 60 percent in the project.

The decision on GDF/SUEZ share in the project has not been made.

One exploration well worth $100 million will be drilled on the Absheron field in three years. The depth of the well will exceed 6,500 metres. The drilling may be commenced before the end of the year.

Two other wells will be drilled in three years. The Absheron block is located 100 kilometre of Baku in the depth of 500 metre.

/Trend Capital/