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Showing posts with the label TOTAL oil and gas

Total, SOCAR Sign Agreement to Develop Absheron Discovery

Total and SOCAR, the national oil company of Azerbaijan, have signed an agreement establishing the contractual and commercial terms for the first phase of production from Absheron gas and condensate field. The field, which lies in the Caspian Sea, was discovered by Total in 2011.

Total Happy to be First Western Oil Firm to do Iran Deal

The boss of French oil and gas company Total said on Monday that it would be happy to be the first Western oil company to reach an agreement with Iran, but he said a deal had not yet been signed. "Discussions are going on and we'll see if we can sign in the coming days," Patrick Pouyanne told CNN Money on the sidelines of an Abu Dhabi petroleum conference. Asked about the estimated $6 billion value of the potential deal, Pouyanne said: "...developing a phase of South Pars (gas field) is more in the range of $2 billion dollars than $6 billion." Iran's SHANA news agency said on Monday that Total and China National Petroleum Corp (CNPC) would sign new contracts on Tuesday with National Iranian Oil Company (NIOC) on the second phase of the South Pars gas field. Total has had a previous involvement in South Pars, one of the largest natural gas deposits in the world, which is located in the middle of the Persian Gulf. In 1997, Iranian authorities awarde...