PARIS, Sept. 14 (UPI) -- French energy company GDF Suez announced it uncovered "significant" hydrocarbon potential at one of its wells off the coast of Azerbaijan.
GDF Suez said it was encouraged by preliminary results from an exploration well in the Absheron license area in the Caspian Sea off the coast of Azerbaijan.
"These results confirm a very significant exploration potential of the Absheron license where we are pleased to work with the State Oil Co. of Azerbaijan and Total," Jean-Marie Dauger, a vice president in charge of gas operations at GDF Suez, said in a statement.
Total, the operator of Absheron, this week said initial results from the area suggest a potential reserve total of around 7 trillion cubic feet of natural gas and associated condensates.
Europe is eyeing the reserve potential in gas-rich Caspian area as a source of supplies for a series of pipelines included in the so-called Southern Corridor, which includes the Nabucco natural gas pipeline.
European Commissioner for Energy Gunther Oettinger this week outlined a 43-point plan that includes the ability to negotiate energy agreements with third countries at the EU level.
