GDF SUEZ has acquired a 20% stake in the Exploration, Development and Production Sharing Agreement for the Absheron offshore block in the Azerbaijani sector of the Caspian Sea. The two other partners in the Agreement are Total and the State Oil Company of the Republic of Azerbaijan (SOCAR), which each hold a 40% stake.
The license, operated by Total, is in the exploration phase; if it is successful, it will contribute to a significant increase in the GDF SUEZ Group's reserves. This acquisition in Azerbaijan is in keeping with the Group's strategy to expand its proven and probable reserves, which totaled 704 million barrels of oil equivalent at the end of 2008.
Azerbaijan has substantial hydrocarbon reserves, estimated at 7 billion barrels of oil equivalent and more than 1.2 trillion cu.m of natural gas, mainly from the giant Shah Deniz gas field. The country is a major exporter of oil and gas to the European and international markets.
Jean-Marie Dauger, Executive Vice President in charge of the Global Gas & LNG Business Line, stated: "GDF SUEZ, which has opened offices in Baku, is very pleased about this operation in Azerbaijan, a major hydrocarbon producing and exporting country; it demonstrates GDF SUEZ's desire to be a long-term partner in the country and to consolidate its presence in the Caspian Sea region."
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