Total declares major Azeri gas find

French oil giant Total said on Friday it had found a major gas field in the Caspian sea off the coast of Azerbaijan.

The field could produce billions of cubic feet of natural gas, said Total, which holds 40 per cent of the joint venture along with Azerbaijan’s national oil company SOCART with 40 per cent and GDF Suez with 20 per cent.

The Absheron X-2 block is thought to have large pockets of gas spread over a 270 sq km field, and the firm hopes to find several trillion cubic feet of gas and associated condensates.

‘This discovery could be very significant in terms of resources,’ said Total’s senior vice president for exploration, Marc Blaizot.

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