Exploration, Development and Production Sharing Agreement for Absheron Perspective Structure was signed on February 27, 2009.
After being ratified by the Milli Majlis of the Republic of Azerbaijan, the agreement entered into force on June 30, 2009. Contracting parties: SOCAR (40%), and TOTAL (40%) and Gas De France Suez (20%) companies of France. The Absheron contract area is located in the Caspian Sea, 100 km off Baku (depth: 500 meters).
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In January 2011, drilling of the first exploration well started under the Exploration, Development and Production Sharing Agreement for the Absheron Perspective Structure. The process of drilling is carried out using the Heydar Aliyev Drilling Rig. Completion of drilling works on the well is planned for October and November of 2011.