Major gas field find in Azerbaijan's Caspian sector confirmed

By bne IntelliNews July 3, 2012

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French energy giant Total confirmed on July 2 the discovery of significant gas reserves at Absheron X-2, in the deep water Azerbaijani section of the Caspian Sea.

According to a statement from Total, the well results indicate gas resources of 150 to 300bn cubic meters (cm) of non-associated gas with condensates in the Balakhany and Fasila formations on the northern compartment of the structure. The field is located around 100km southeast of Baku.

Total suggests that the field could be developed with a "limited number" of wells in the first phase of development. Drilling work is now continuing at the field. A consortium made up of the State Oil Company of the Republic of Azerbaijan (Socar), Total and GDF Suez is working on the field.

"This declaration of commerciality is the result of the success of our more aggressive exploration program and our desire to bring discovered hydrocarbons rapidly into production. It marks an important step in our activities as operator in Azerbaijan and our good cooperation with Socar and GDF Suez," said Yves-Louis Darricarrere, president of exploration and production at Total.

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