PARIS -- Total has signed an exploration, development, and production sharing agreement (EDPSA) with Azerbaijan's state-owned SOCAR covering the Absheron offshore block. The block is in the Caspian Sea, 100 km (62 mi) from Baku, in a water depth of around 500 m (1,640 ft).
Total will be the operator of the Absheron block during the exploration phase. For the development phase, Total and SOCAR will form a joint operating company. Total will hold a 60% interest and SOCAR will hold a 40% interest.