GDF Suez acquires stake in Azerbaijan license

GDF Suez has taken a foothold in Azerbaijan by acquiring a 15% stake in the offshore EPL D-222, owned 65% by Lukoil Overseas and 20% by the national Azeri company SOCAR.

Doris Leblond
OGJ Correspondent

PARIS, Sept. 5 -- GDF Suez has taken a foothold in Azerbaijan by acquiring a 15% stake in the offshore exploration-production license D-222 in the Caspian Sea, owned 65% by Lukoil Overseas and 20% by the national Azeri company SOCAR. It contains the Yalama prospect due to be drilled early 2009.

Lukoil and SOCAR signed the exploration, development, and production-sharing contract for Block D-222 July 3, 1997. The exploration period will extend until late 2011. If successful it will help GDF Suez increase its hydrocarbon reserves by some 35 million boe, in line with the Group's medium term strategy of increasing its proved and probable reserves to 1,500 million boe from 670 million boe.

GDF Suez also reveals that it will soon take a foothold on the E-P scene in Indonesia as well as in the US to further its asset exchange with ENI within the Distrigaz sale.

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