The French Senate Research Commission has submitted to the government a report on the activities of the French giant “Total Energies,” in which, in particular, it recommended that the company stop investing in the oil and gas sector of Azerbaijan.
According to French media, the activities of “Total Energies” were considered in the context of the fight against global climate change. The Senate commission investigating the activities of “Total Energies” was established in December last year, and its report was unanimously adopted last week. In total, the document contains 33 recommendations. In particular, it indicates that France should demonstrate more innovative approaches than other EU countries and immediately stop importing Russian liquefied natural gas.
As you know, there is currently an increased demand on the European market for this type of blue fuel, which “Total Energies” The fourteenth package of sanctions of the European Commission against Russia, which also includes sanctions against imports of liquefied natural gas, has already been agreed at the ambassadorial level.
The report of the French Senate submitted to the Government of the Fifth Republic also calls for “the termination of new projects or new stages of ongoing projects involving French companies in the hydrocarbon sector of Azerbaijan.”
“ Total Energies” has been operating in Azerbaijan since the mid-90s of the twentieth century and owns a 35 percent interest in the “Absheron” gas field in the Caspian Sea.
The first gas from this gas condensate field, located about 100 kilometers southeast of Baku, was produced in early July 2023. Initial gas reserves at this field are estimated at 350-360 bcm, and condensate reserves are estimated at 45 million tons.
Initially, the shares in the “Absheron” project were distributed as follows: “Total,” as an operator, 50 percent and SOCAR – 50 percent. And in August 2023, Abu Dhabi National Oil Company from the United Arab Emirates received a 30 percent interest, while “Total” and SOCAR each received 35 percent.
Unfortunately, the start of production at the “Absheron” field coincided with the aggravation of relations between Azerbaijan and France. On August 31, 2023, Patrick Pouyanné, Chief Executive Officer of “Total Energies”, visited Baku and held talks on further development of Azerbaijan’s hydrocarbon resources, as well as investments in renewable energy sources.
