(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 12. The French
TotalEnergies and the State Oil Company of Azerbaijan (SOCAR)
announced the start of production as part of the first phase of the
development of the Absheron gas condensate field in the Caspian
Sea, about 100 kilometers southeast of Baku on July 10, Caspian oil
and gas analyst Ilham Shaban told trend .
The production capacity is 4 million cubic meters of
gas per day and 12,000 barrels of condensate per day. The gas will
be sold on the domestic market of Azerbaijan. The development of
the Absheron field provides additional gas supplies to meet the
growing demand.
The Absheron field will supply 1.5 billion cubic
meters of natural gas and about 500,000 barrels of condensate per
year.
According to Shaban, it is assumed that gas will be
sold on the domestic market of Azerbaijan, while condensate will be
exported abroad via the Baku-Tbilisi-Ceyhan pipeline, which is more
than 4 million barrels per year.
"Azerbaijan buys 1.5 billion cubic meters of gas on
the domestic market, which satisfies the country's growing demand
for gas. This was also reflected in the decreased amount of
imports," he said.
The analyst noted that Azerbaijan annually buys 4 billion cubic
meters of gas from the Shah Deniz field for the domestic market and
can reduce these volumes, so to pave way for increasing exports
from the Shah Deniz field to the foreign market.
"As a result, we get the opportunity to increase sales volumes
to both Turkish and European markets," he added.
Shaban noted that 11.4 billion cubic meters of gas
were sold on the European market last year.
"This figure will increase by about 500 million cubic
meters this year. The reason why we cannot supply more Azerbaijani
gas to Europe is infrastructure, which is already working at the
limit of its capabilities. It cannot pass higher volumes," Shaban
said.
“We have options to maneuver, as far as Turkish and
European markets are concerned, which is good for us. When an
opportunity is limited in one market, it can be replaced by another
market. The commissioning of the Absheron gas condensate field has
been dragging for too long. It will be possible to ensure gas
production within the next stage of the field at least within six
years," he said.
Production from the Absheron gas condensate field,
located in the Azerbaijani sector of the Caspian Sea, began at the
stage of the initial production scheme. At this stage, an
underwater production well is connected to a new gas processing
platform united to existing SOCAR installations on Oily Rocks.
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