Autumn 1997 (5.3)
Chevron and SOCAR signed an agreement to explore Azerbaijan's Absheron Offshore Block, a deep-water geologic structure approximately 36 km southeast off the coast of Azerbaijan.
Signed in the White House, August 1, 1997 operated by Chevron.
Later Total became a partner.
The Production Sharing agreement (PSA) between Chevron (30%) and SOCAR (50%) took place in the White House on August 1, 1997 in the presence of Vice President of the United States, Al Gore, and President of Azerbaijan, Heydar Aliyev. Total, a French company later was brought into the consortium for a share of 20 percent. Under the terms of the agreement, Chevron will be the operator in exploring the Absheron structure, discovered by seismic exploration in 1960. In 1993, the field was prepared for exploration drilling. Chevron will conduct a 3-D seismic program to augment data collected in the earlier surveys. Exploratory drilling is anticipated to begin in late 1999. The size of the Absheron field is 40 x 7 km (260 sq km). Sea depths range between 400-500 meters. Drilling depths are expected to range between 4,800-7,100 meters. Reserves for the Absheron field are estimated at 220 million tons of oil and 300 billion cubic meters of gas.
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