GDF Suez Buys 20% Stake In E&P Pact In Azerbaijan
June 30 2009 - 3:06AM
Dow Jones News
French utility GDF Suez (GSZ.FR)Tuesday said it 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 SA (TOT) and
the State Oil Company of the Republic of Azerbaijan, or 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, GDF Suez said.
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, GDF Suez said.
Company Web site: www.gdfsuez.com