Getting a foothold in Azerbaijan: French giant GDF Suez
GDF Suez snaps up Azerbaijan stake
French energy giant GDF Suez said today that it had acquired a 20% stake in energy exploration and production in Azerbaijan as part of its strategy to expand its existing and probable oil reserves.
The license, run by French oil company Total, is in the exploration phase. If successful, it will significantly boost GDF Suez's reserves, which totalled 704 million barrels of oil equivalent at the end of 2008, GDF Suez said in a statement.
No financial details were disclosed of the stake for the Absheron offshore Block in the Azerbaijani sector of the Caspian Sea.
Total and the State Oil Company of the Republic of Azerbaijan (SOCAR) each own 40% of the license, reported Reuters.