Absheron field development to start in 2021

23 September 2014 15:21 (UTC+04:00)

By Aynur Jafarova

Development of the Absheron gas condensate field in the Azerbaijani sector of the Caspian Sea will start in 2021.

The news was announced by Azerbaijan's Energy Minister Natig Aliyev.

He also noted the capacities of the Umid and Absheron fields provide the basis for strengthening the gas potential of Azerbaijan.

"The project of development of the Shah Deniz gas condensate field will be an important project in terms of gas deliveries," Aliyev said. "It is planned to invest $45 billion, $25 billion of which will fall on the project itself and the rest on the creation of all necessary infrastructure in order to ensure the transportation of gas within the second stage of Shah Deniz development in the next five years."

Discovery of Absheron large natural gas field in the Azerbaijani sector of the Caspian was announced in September 2011 following the drilling of an exploration well.

The field potential reserves amount to 350 billion cubic meters of gas and 45 million tons of condensate.

Participants of the Absheron project include SOCAR with a share of 40 percent, French companies Total with 40 percent and Gaz De France Suez with 20 percent.

The contract on the field was signed on February 27, 2009 between SOCAR and Total. Later, Total sold 20 percent equity participation to Gaz De France Suez.