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Total Signs Heads of Agreement with SOCAR for the Absheron Area in Azerbaijan

Source: www.gulfoilandgas.com 6/5/2008, Location: Asia

Total announces that it has signed a heads of agreement with Azerbaijanís state-owned SOCAR, setting out the main terms of a production sharing agreement (PSA) for a license in the Absheron area. Total will be the operator of the Absheron Block, with 60% interest, SOCAR holding 40%. This block is located in the Caspian Sea, 100 kilometres from Baku, in a water depth of around 500 metres.

This latest exploration contract will strengthen Totalís ties with Azerbaijan. The company will continue to support the development of Azerbaijanís oil and gas industry over the long term.

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