By Trend
SOCAR Absheron, a joint venture of Azerbaijan’s state oil
company SOCAR and Total, has announced about its liquidation, Trend
reports with reference to the newspaper of the Ministry of
Taxes.
Lenders can make their claims within two months.
SOCAR Absheron was established in April last year to develop the
Absheron field.
SOCAR and Total signed a framework agreement in 2016 on the main
contractual and commercial principles regulating the first phase
development of the Absheron field.
The first phase of the field’s development envisaged drilling
one well at a sea depth of 450 meters. The production will stand at
1.5 billion cubic meters of gas and 700,000 tons of condensate per
year and these volumes will be used in Azerbaijan’s domestic
market. It is planned to produce up to 4 billion cubic meters of
gas at the second stage.
Absheron’s reserves are estimated at 326 billion cubic meters of
gas and 108 million tons of condensate, according to estimations of
the Total specialists.
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