Total Announces Major Azerbaijan Gas Find

Total SA has unveiled a major gas discovery in the Absheron block in the Caspian Sea offshore Azerbaijan.

The French major encountered the discovery on the northern flank of a major 270 square km structure in the Absheron X-2 well, the company announced on Friday.

First results show a potential of several trillion cubic feet of gas and associated condensates.

Describing the discovery as very significant in terms of resources, company's Senior Vice President (Exploration), Marc Blaizot said

"It is the result of Total's bolder exploration strategy aimed at exploring high risk/high reward prospects both in prolific and frontier basins particularly in high pressure, deeply buried reservoirs. “

Total Vice President of Michael Borrell conveyed news of the discovery to President of Azerbaijan Ilham Aliyev.

In a subsequent statement, Aliyev conveyed the "glad news" to the nation.

“I want to congratulate all Azerbaijani nation on occasion of this event. It is a great event. It is a great contribution to development of gas potential of Azerbaijan.”

The well, currently at a depth of approximately 6,550 metres, will be drilled further to explore deeper objectives and then be tested to confirm the reservoir potential, Total said.

The Absheron discovery is located in 500 metres of water, 100 kilometres south east of Baku, some 25 kilometres north east of the Shah Deniz gas and condensate field.

Total operates the Absheron development with a 40 percent interest, together with partners State Oil Company of Azerbaijan, (SOCAR - 40 percent) and GDF Suez SA (20 percent).