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SOCAR, TotalEnergies, ADNOC join new project to boost gas production from Absheron field

6 January 2024 13:00 (UTC+04:00)
SOCAR, TotalEnergies, ADNOC join new project to boost gas production from Absheron field
Nigar Hasanova
Nigar Hasanova
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The final investment decision (FID) on the full-scale development of the Caspian Absheron field could be made before the end of 2024, an informed source said.

According to the source, SOCAR, TotalEnergies, and ADNOC held intensive consultations in order to speed up the entry into FID next year.

“If the FID is until the end of 2024, the first gas from the full-scale development of Absheron can be obtained in 2028,” the source noted.

According to him, full-scale production at Absheron involves the extraction of five to six billion cubic meters of gas per year.

“Consultations on full-scale development concern not only timing, but also gas markets,” the source said.

He mentioned that in 2024 Absheron plans to reach peak production under Phase 1 of development, that is, 1.5 billion cubic meters of gas per year.

Gas production in Phase 1 of Absheron began on July 10, 2023, and this year more than 700 million cubic meters of gas can be obtained from this field.

The Absheron field is located 100 km from Baku at a depth of 500 meters in the Azerbaijani sector of the Caspian Sea.

According to initial estimates, the field's reserves amount to 350 billion cubic meters of gas and 100 million tons of condensate.

Participants in the Absheron project are SOCAR (35 percent), TotalEnergies (35 percent), and ADNOC (30 percent).

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