By Inti Landauro
PARIS--Total SA (TOT) said Monday it had signed a deal to develop the natural gas field of Absheron discovered in Azerbaijan in 2011.
The French oil major agreed with Azerbaijan's state oil company SOCAR to carry out the first phase of production of the field, which will ultimately yield as many as 35,000 barrels of oil-equivalent a day.
Total will operate the field and take a 40% stake. SOCAR will also take a 40% stake, while French power utility Engie SA (ENGI.FR) will hold the remainder.
Total didn't disclose the amount the joint venture would invest in the field.
In response to the oil price collapse, Total has said it will boost hydrocarbon production in existing projects and only conduct new projects that will be cheap and fast to develop.
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(END) Dow Jones Newswires
November 21, 2016 09:47 ET (14:47 GMT)
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