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Total Postpones Azeri Investment

Total Postpones Azeri InvestmentTotal Postpones Azeri Investment

French oil company Total has postponed an investment decision on development of the Absheron gas and condensate field in the Azeri sector of the Caspian Sea until spring 2018 from December, the company official said on Wednesday. Total and Azeri state energy company SOCAR formed a joint venture in 2009 to explore and develop the Absheron field, which has estimated reserves of 350 billion cubic meters of gas and 45 million tons of condensate, Reuters reported. “We should sign some contracts, set the date to start drilling and that’s why an investment decision on Absheron will be made in the spring of 2018, most likely in March,” Denis Lemarchal, Total Azerbaijan’s managing director, told reporters. Total said in November last year it had signed an agreement with SOCAR to develop Absheron, the field which it discovered in 2011, boosting the ex-Soviet republic’s potential as a major gas exporter.

 

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