The production sharing agreement (PSA) on Absheron field was signed on February 27, 2009. At present the project partners include SOCAR (40%), Total (40% operator) and GDF Suez (20%). The contract was signed for the period of 30 years. The contract area is 747 sq.km.
During drilling of the first exploration well in September 2011 Total confirmed availability of significant gas resources on the Absheron field, which are estimated at 350 bcm and 45 million tons of condensate.
Absheron field is located in the Caspian Sea water area, 100 km away from Baku on the depth of 500 meters. First gas from the field is expected to be extracted in 2022.