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One of SOCAR JVs being liquidated

13 February 2019 10:38 (UTC+04:00)
One of SOCAR JVs being liquidated

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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