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).
