GDF Suez opens office
French energy giant Gaz de France Suez has opened an
office in Azerbaijan. Heike Liebold will head the office.
GDF Suez, the world`s second largest utility, holds a 15% stake in the agreement on exploration, production and development of the Yalama block in the Azeri sector of the Caspian Sea. However, the contract may be invalidated in the future if the hydrocarbons discovered there fail to be economically viable.
Russian oil giant LUKoil holds a 65% ownership in the project, while Azerbaijan`s state energy firm SOCAR is a 20% shareholder. The agreement on developing the Yalama field (D-222) was signed in July 1997.
GDF Suez intends to participate in five exploration projects in Azerbaijan. Also, it may reportedly buy from Total, another French energy company, part of its stake in the contract on production sharing from the Absheron gas block in the Caspian.
SOCAR signed a PSA deal with Total on the Absheron block in Baku on February 27. Under the contract, the Azerbaijani company will hold a 40% interest while the French energy firm controls 60%. According to SOCAR, the block holds 300 billion cubic meters of gas and 45 million tons of gas condensate. Total will be the operator of the Absheron block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations.
Forty-six onshore and 25 offshore oil and gas fields are currently available in Azerbaijan, of which 54 are in operation. Foreign investments have been playing an important role in their development. Twenty-seven contracts in the oil and gas sector have been signed in the country to date, and work is underway on 13 of them - nine onshore and four at sea. A total of $30 billion has been invested in the Azerbaijani economy as a result of these operations. The resource-rich South Caucasus republic is presently cooperating with 30 energy companies from 20 countries, including the United States, Russia, China, Canada, Germany, the UAE and Ukraine. International consortiums tapping Azerbaijan`s energy fields are producing 80% of the extracted oil and 70% of the gas.
GDF Suez, the world`s second largest utility, holds a 15% stake in the agreement on exploration, production and development of the Yalama block in the Azeri sector of the Caspian Sea. However, the contract may be invalidated in the future if the hydrocarbons discovered there fail to be economically viable.
Russian oil giant LUKoil holds a 65% ownership in the project, while Azerbaijan`s state energy firm SOCAR is a 20% shareholder. The agreement on developing the Yalama field (D-222) was signed in July 1997.
GDF Suez intends to participate in five exploration projects in Azerbaijan. Also, it may reportedly buy from Total, another French energy company, part of its stake in the contract on production sharing from the Absheron gas block in the Caspian.
SOCAR signed a PSA deal with Total on the Absheron block in Baku on February 27. Under the contract, the Azerbaijani company will hold a 40% interest while the French energy firm controls 60%. According to SOCAR, the block holds 300 billion cubic meters of gas and 45 million tons of gas condensate. Total will be the operator of the Absheron block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations.
Forty-six onshore and 25 offshore oil and gas fields are currently available in Azerbaijan, of which 54 are in operation. Foreign investments have been playing an important role in their development. Twenty-seven contracts in the oil and gas sector have been signed in the country to date, and work is underway on 13 of them - nine onshore and four at sea. A total of $30 billion has been invested in the Azerbaijani economy as a result of these operations. The resource-rich South Caucasus republic is presently cooperating with 30 energy companies from 20 countries, including the United States, Russia, China, Canada, Germany, the UAE and Ukraine. International consortiums tapping Azerbaijan`s energy fields are producing 80% of the extracted oil and 70% of the gas.
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