GDF SUEZ announces promising Absheron license results in Azerbaijan
GDF SUEZ announces promising results for the ABX-2.T1 exploration well drilled on the Absheron license, located in the Caspian Sea offshore Azerbaijan. The field operator Total filed a declaration of commercial discovery on behalf of the Socar – Total – GDF SUEZ consortium. Well production test results carried out between January and April 2012 suggest estimated resources of between 150 and 300 billion cubic meters or between 5 and 10 trillion cubic feet of gas and condensates. These volumes correspond to about 6 years of French natural gas consumption.
The ABX-2.T1 exploration well is located in the Absheron block, 123 km offshore Azerbaijan. Offshore drilling lasting all of last year was carried out in 474 meters of water and cut through several reservoirs to reach a depth of 6,874 meters. One of the hydrocarbon reservoirs encountered tested out at 960,000 cubic meters/day of natural gas. Operations are continuing with a sidetrack well drilled north of the structure, using the present well.
In June 2009, GDF SUEZ acquired a 20% share in the exploration, development and production-sharing contract for the offshore Absheron site alongside Total and the National Azerbaijan Company (Socar), each of which owns a 40% share.
On the occasion of the filing of the Absheron field declaration of commercial discovery, Jean-Marie Dauger, Executive Vice President of GDF SUEZ in charge of the Global Gas & LNG business line, declared: “The Absheron field could be one of the most important recent discoveries and could play an important role in diversifying the energy supply of tomorrow’s Europe. This success illustrates the effective cooperation between the teams of Socar, Total and GDF SUEZ.”
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, combating climate change and optimizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.