Azerbaijan to explore new gas field

French oil giant TOTAL has confirmed the existence of large natural gas reserves in the Caspian Sea well of Apsheron, located in the Azeri sector of the Caspian Sea. According to the primary estimates, the reserves of the well could total around 300 billion cubic meter. TOTAL and SOCAR signed an agreement pertaining to the exploration work in the Apsheron well area in February of 2009, initial results of the talks are positive. The agreement signed between the sides envisages 40% of TOTAL, 40% of SOCAR and 20% for GDF/SUEZ. There is still additional work to be carried out in this direction before a full-range of exploitation can get underway.