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Friday, February 09, 2007

Azerbaijan SOCAR, French Total to develop Caspian oil field

BAKU, February 9 (RIA Novosti) - The State Oil Company of Azerbaijan (SOCAR) and France's Total have signed a memorandum of understanding to develop the Absheron oil fields in the Caspian, the SOCAR press service said Friday. It said the two companies are to harmonize and sign a production-sharing agreement within a year. "Total's interest in the project to develop the Absheron deposits shows that geological structures that were once considered commercially non-viable have rich hydrocarbon reserves," SOCAR said.

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