SOCAR Absheron, a joint venture of the Azerbaijani state-owned company SOCAR and Total, announces its liquidation. Lenders can make claims within two months.

SOCAR Absheron was established in April last year to develop the Absheron field. In 2016, SOCAR and Total signed a framework agreement on the basic contractual and commercial principles governing the program for the first phase of the Absheron field development. It was planned that at the first stage the development of the field would include the drilling of one well at a depth of 450 meters from the sea level. As part of the first stage of development of Absheron, it was planned to produce about 1.5 billion cubic meters of gas and 700 thousand tons of condensate. At the second stage - up to four billion cubic meters of gas per year.

According to Total experts, the Absheron field’s reserves amount to 326 billion cubic meters of gas and 108 million tons of condensate.

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KeyFacts Energy Industry Directory: Rusmininfo