The investment decision on the second phase of the Absheron gas-condensate field development project in the Caspian Sea can be made by the end of 2024, Babak Huseynov, vice president of SOCAR, told reporters, according to Report.
"It is true that the final investment decision on the second phase of development of the Absheron field is expected to be made next year. However, we are trying to make a decision on this by the end of 2024,” Huseynov stated.
The vice president also pointed out that the inclusion of Abu Dhabi National Oil Company (ADNOC) in this project is a great support for SOCAR:
"The SOCAR hopes to obtain the first batch of gas during the planned period as a part of the second phase. We are cooperating very closely with the operator to obtain the first batch of gas in the specified period, and the French company Total understands its responsibility in this direction."
The Absheron gas field, initially discovered in the 1960s by Azerbaijani geologists, is estimated to contain 350 billion cubic meters of gas.
In 2009, a contract was signed between the French company Total and State Oil Company of Azerbaijan Republic (SOCAR) on the Absheron field.
As of August 4, 2023, a further agreement was executed, allowing the Abu Dhabi National Oil Company (ADNOC) to acquire a 30% stake in the Absheron gas-condensate field. Upon completion of this transaction, SOCAR and TotalEnergies will each retain a 35% stake in the field.