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Monday July 15 2024

Absheron gas & condensate field produces more than 1.5 bcm of gas this year

10 July 2024 10:38 (UTC+04:00)
Absheron gas & condensate field produces more than 1.5 bcm of gas this year
Fatima Latifova
Fatima Latifova
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The Absheron gas and condensate field produced more than 1.5 bcm of gas and approximately 580 thousand tons of condensate during a year for the early production scheme (EPS) phase, Azernews reports, citing the post shared by Azerbaijan's Energy Minister Parviz Shahbazov on his official "X" account.

Minister added that the plans of developing the Absheron field in stages and increasing the annual production from 1.5 bcm to 6 bcm are significant contributions to the energy security of our country, as well as of our regional and European partners.

It should be noted that the "Absheron" field was discovered by Azerbaijani geologists in the 1960s. The gas volume at the field is reported to be 350 billion cubic meters.

A contract was signed in 2009 between the French company "Total" and the State Oil Company of Azerbaijan (SOCAR) regarding the "Absheron" field. On August 4, 2023, an agreement was signed with the Abu Dhabi National Oil Company (ADNOC) to acquire a 30% stake in the "Absheron" gas-condensate field. After the acquisition is completed, the participation shares of SOCAR and "TotalEnergies" will each amount to 35%.

The first oil from the "Azeri-Chirag-Gunashli" field block, located approximately 100 km off the coast of Azerbaijan, was produced in 1997. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new agreement was signed for the joint exploitation and production sharing of these fields, which is intended to continue until the end of 2049.

The agreement on the exploration, development, and production sharing of the "Shah Deniz" prospective area was signed on June 4, 1996. The production sharing agreement (PSA) for "Shah Deniz" was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

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