SOCAR, TotalEnergies, ADNOC's XRG approve second phase of Absheron gas field development
SOCAR, TotalEnergies, and ADNOC's XRG approved the second phase of the Absheron gas condensate field in Azerbaijan's Caspian Sea sector. Production is scheduled to begin in 2029, raising total output to 6 billion cubic meters of gas and 47,000 barrels of condensate per day. The expansion will enable exports to Turkey via existing infrastructure.
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TotalEnergies, Socar, and ADNOC's XRG Approve Second Phase of Absheron Gas Field in Caspian Sea
On September 26, Azerbaijan's state oil company Socar, French energy giant TotalEnergies, and Abu Dhabi National Oil Company's XRG unit approved a project to increase natural gas production in the Caspian Sea. TotalEnergies stated on Saturday that the second phase of the Absheron condensate gas field, located in Azerbaijan's sector of the Caspian Sea, will begin production in 2029. The full field output will rise to 6 billion cubic meters of natural gas per year and 47,000 barrels of condensate per day. The first phase of the development has been supplying gas to Azerbaijan's domestic market. The planned expansion will also enable gas exports to Turkey via existing infrastructure that connects Azerbaijan to European markets.
Read sourceTotalEnergies, Socar, and XRG Launch New Phase of Azerbaijan Gas Project
On September 26, Azerbaijan's state oil company Socar, French energy giant TotalEnergies, and XRG, a unit of Abu Dhabi National Oil Company (ADNOC), approved a project to increase natural gas production in the Caspian Sea. TotalEnergies announced in a statement on Saturday that the second phase of production at the Absheron gas condensate field, located in Azerbaijan's sector of the Caspian Sea, will begin in 2029. The full field output will rise to 6 billion cubic meters of natural gas per year and 47,000 barrels of condensate per day. TotalEnergies noted that the first phase of the development has been supplying gas to Azerbaijan's domestic market, while the planned expansion will also enable exports to Turkey via existing infrastructure connecting Azerbaijan to European markets.
Read sourceTotalEnergies, Socar, and ADNOC's XRG Approve New Phase of Azerbaijan's Absheron Gas Project
On September 26, Azerbaijan's state oil company Socar, French energy giant TotalEnergies, and Abu Dhabi National Oil Company's XRG unit approved a project to boost natural gas production from the Caspian Sea. TotalEnergies stated on Saturday that the second phase of the Absheron condensate field, located in Azerbaijan's Caspian waters, will begin production in 2029. The entire field's output is expected to reach 60 billion cubic meters of natural gas per year and 47,000 barrels per day of condensate. The first phase of the development has been supplying gas to Azerbaijan's domestic market. The planned expansion will also enable gas exports to Turkey via existing infrastructure connecting Azerbaijan to European markets.
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Azerbaijan signs over $10 billion in investment deals, announces Absheron gas field development
Azerbaijan's presidential assistant announced on Saturday that the country signed agreements with a potential investment value exceeding $10 billion at an international forum in Baku, alongside a series of energy cooperation deals. A final investment decision was reached by SOCAR, France's TotalEnergies, and Abu Dhabi's XRG company for the full development of the Absheron gas and condensate field. President Ilham Aliyev stated that the second phase of development at Absheron, one of the largest offshore fields in the Caspian Sea, will increase Azerbaijan's natural gas production by approximately 5 billion cubic meters within three to four years. Aliyev emphasized that oil and gas will continue to dominate the economy and generate wealth for reinvestment, noting that while non-oil sectors account for over 70% of GDP, oil and gas still constitute over 90% of exports. He also mentioned ongoing negotiations with unnamed international companies regarding data center and artificial intelligence development in Azerbaijan.
Read sourceAzerbaijan, TotalEnergies, XRG Make Final Investment Decision on Absheron Gas Field
The Azerbaijani Presidential Office announced that the State Oil Company of Azerbaijan (SOCAR), TotalEnergies, and XRG have reached a final investment decision (FID) for the full development of the Absheron gas field. This decision marks a significant step in expanding natural gas production in the Caspian Sea, with the project expected to boost Azerbaijan's gas output and export capacity. The Absheron field, discovered in 2011, is a key asset for Azerbaijan's energy strategy and for European energy diversification efforts. The FID involves the three partners committing to the next phase of development, though specific financial terms and production targets were not disclosed in the announcement. The project is seen as part of broader efforts to increase gas supplies to Europe amid ongoing energy security concerns.
Read sourceADNOC's XRG Makes Final Investment Decision on Azerbaijan's Absheron Gas Field
On September 26, the Abu Dhabi National Oil Company (ADNOC) announced that its international investment platform, XRG, has made a final investment decision (FID) to proceed with the full development of the Absheron gas field in Azerbaijan. The decision marks a significant step in expanding the field's production capacity, which is expected to contribute to regional energy supply. The Absheron field, located in the Caspian Sea, is a key asset for Azerbaijan's natural gas output. ADNOC's involvement through XRG underscores the growing international investment interest in Azerbaijan's energy sector. The FID signals the commitment of the parties to move forward with the project's development phases, though specific financial details or production targets were not disclosed in the announcement.