Total (TOT) said Friday that it has signed an agreement with Azerbaijan's state-owned SOCAR.
The exploration, development and production sharing agreement covers a license on the Absheron offshore block. This block is located in the Caspian Sea, 100 kilometers from Baku, in a water depth of around 500 meters.
Total will be the operator of the Absheron Block during the exploration phase. For the development phase, Total and SOCAR will jointly form an operating company for the management of operations. Total will hold a 60% interest and SOCAR will hold a 40% interest.