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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Topaz Energy and Marine Ltd    TPZ   GB00B3RHC531

TOPAZ ENERGY AND MARINE LTD

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Topaz Energy and Marine : When will Topaz Energy complete work on Azerbaijan's Absheron field?

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08/15/2019 | 12:16am EDT

Topaz Energy and Marine company of the United Arab Emirates (UAE) will complete its work on Azerbaijan's Absheron gas field between the second and third quarters of 2019, a source in Azerbaijan's oil and gas market told Trend.

Topaz Energy and Marine won a new contract with the French Total company to take part in the development of Azerbaijan's Absheron gas field development.

"We are using supply boats from Topaz to support our offshore drilling operations. We will use their service until completion of Drilling Campaign Q2-Q3 2019," said the source.

UAE'sTopaz Energy and Marine started working at Azerbaijan's Absheron gas field development project in January 2018.

Earlier, the company's CEO René Kofod-Olsen told Trend that Topaz is very interested in expanding it operation in Azerbaijan.

"In fact, Azerbaijan has been an important market for Topaz over several decades and forms part of Topaz's wider commitment to the Caspian, demonstrated through our investment into the region and high levels of localization," said the company's CEO.

Azerbaijan's state oil company SOCAR and Total signed a framework agreement in 2016 on the main contractual and commercial principles regulating the program of the first phase development of the Absheron field.

The first phase of the field's development envisages drilling of one well at a sea depth of 450 meters. The production will stand at 1.5 billion cubic meters of gas and 700,000 tons of condensate per year and these volumes will be used in Azerbaijan's domestic market. It is planned to produce up to 4 billion cubic meters of gas at the second stage.

Absheron's reserves are estimated at 326 billion cubic meters of gas and 108 million tons of condensate, according to the estimations of Total specialists.

JOCAP, is a joint venture with 50 percent ownership by SOCAR and the remaining 50 percent - by Total, the operator of the development of the Absheron field.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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