Total SA, Europe’s third-biggest energy company, and GDF Suez SA said results from the Absheron discovery in the Azerbaijan sector of the Caspian Sea indicated gas resources of as much as 300 billion cubic meters.
“This declaration of commerciality is the result of the success of our more aggressive exploration program and our desire to bring discovered hydrocarbons rapidly into production,” Yves-Louis Darricarrere, Total’s president of exploration and production, said today in a statement.
Total is the operator of the Absheron project with a 40 percent stake. Its partners are State Oil Co. of Azerbaijan, which also has 40 percent, and GDF Suez with 20 percent.
The field is located 100 kilometers south-east of the Azeri capital of Baku.
Total is also a partner in the BP Plc-led Shah Deniz deposit, which is estimated to contain 1.2 trillion cubic meters of gas.