Total signs PSA with SOCAR for Absheron

Total has signed a heads of agreement with Azerbaijan's state-owned SOCAR, setting out the main terms of a production sharing agreement (PSA) for a license in the Absheron area.

Offshore staff

PARIS, France -- Total has signed a heads of agreement with Azerbaijan's 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 km (62 mi) from Baku, in a water depth of around 500 m (1,640 ft).

06/05/2008

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