Offshore staff

PARIS – Total (NYSE:TOT; Paris:FP FP) has submitted a “Notice of Discovery and its Commerciality” for the Absheron discovery in the Azeri sector of the Caspian Sea.

The company signed an agreement for activities on the Absheron offshore block in February 2009. The Absheron X-2 discovery followed in September 2011, drilled in 474 m (1,555 ft) of water to a depth of 6,874 m (22,552 ft).

One of the hydrocarbon bearing intervals tested 960,000 cu m/d of non-associated gas. The same production test flowed nearly 2,500 b/d of 42.5° API condensate.

According to Total, the well results suggest resources in the range 5-10 tcf of non-associated gas with condensates in the Balakhany and Fasila formations on the Absheron field’s northern compartment. The elongated structure extends more than 270 sq km (104 sq mi) with cumulative net pay more than 160 m (525 ft) thick.

Operations on Absheron X-2 wells continue with drilling of a side track toward the northern part of the structure.

The Absheron field is 100 km (62 mi) southeast of Baku, and could be developed via a limited number of wells under a first phase.

The forward work program includes studies and surveys to better define the scope of the development. Next year Total will acquire 3D seismic, and the company may drill further appraisal wells to assess the structure’s extent and geometry.

Total E&P Absheron operates the license with 40% equity, in partnership with Socar (40%) and GDF Suez (20%).

Total also has a 10% interest in South Caucasus Pipeline Co., the owner of the South Caucasus Pipeline, which transports gas produced from the offshore Shah Deniz field to Turkish and Georgian markets.

In addition, the company has a 5% stake in BTC Co., owner of the Baku-Tbilisi-Ceyhan oil pipeline between Baku and the eastern Mediterranean Sea.

7/2/2012