SOCAR President Rovnag Abdullayev said this development would guarantee oil and gas from the region to world markets, the Azerbaijan Business Center reported.

SOCAR signed exploration and development deals for offshore facilities in Absheron June 5 with the French-Belgium consortium Total E&P.

At least 35.3 trillion cubic feet of natural gas is in reserve in Absheron, SOCAR says. Chevron, however, pulled out of Absheron in 2001 when exploratory drillings produced little gas flow.

Azerbaijan said also it would begin development in Phase 2 of the Azeri Shah Deniz gas field by 2013.

"Besides preparing for development of Absheron block, we conduct marketing surveys for gas export within Phase 2 of Shah Deniz Project," Abdullayev said.