Totalenergies, Socar Sell Part Of Their Interest In Azerbaijan's Absheron Gas Field
(MENAFN- Trend News Agency) BAKU, Azerbaijan, Aug.4. TotalEnergies and its
partner SOCAR (State Oil Company of the Republic of Azerbaijan)
have signed an agreement to sell a 15% participating interest each
in the Absheron gas field to ADNOC (Abu Dhabi National Oil
Company), Trend reports.
After completion of this transaction, which is subject to the
approval by the relevant authorities, TotalEnergies will own a 35%
interest in Absheron gas field, alongside SOCAR (35%) and ADNOC
(30%).
Absheron gas and condensate field is located in the Caspian Sea
and operated by JOCAP (Joint Operating Company of Absheron
Petroleum).
“TotalEnergies is pleased to welcome ADNOC, one of its strategic
partners, into the Absheron gas field, where production of the
first phase started in early July, and which offers a significant
further development potential to meet the growing gas demand”, said
Nicolas Terraz, President, Exploration & Production at
TotalEnergies.
TotalEnergies has been present in Azerbaijan since 1996, where
it is a 50% partner of SOCAR in the Absheron gas and condensate
field and holds a 5% stake in the Baku-Tbilisi-Ceyhan (BTC)
pipeline.
TotalEnergies and its partner SOCAR (State Oil Company of the
Republic of Azerbaijan) have recently announced the start of
production of the first phase of development of the Absheron gas
and condensate field in the Caspian Sea, around 100 km south-east
of Baku.
This first phase connects a subsea production well to a new gas
processing platform, itself linked to SOCAR's existing facilities
in Oil Rocks. It has production capacity of 4 million cubic meters
of gas per day and 12,000 barrels a day of condensate.
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