(MENAFN- AzerNews)
Nigar Hasanova Read more
The final investment decision (FID) on the full-scale
development of the Caspian Absheron field could be made before the
end of 2024, an informed source said.
According to the source, SOCAR, TotalEnergies, and ADNOC held
intensive consultations in order to speed up the entry into FID
next year.
“If the FID is until the end of 2024, the first gas from the
full-scale development of Absheron can be obtained in 2028,” the
source noted.
According to him, full-scale production at Absheron involves the
extraction of five to six billion cubic meters of gas per year.
“Consultations on full-scale development concern not only
timing, but also gas markets,” the source said.
He mentioned that in 2024 Absheron plans to reach peak
production under Phase 1 of development, that is, 1.5 billion cubic
meters of gas per year.
Gas production in Phase 1 of Absheron began on July 10, 2023,
and this year more than 700 million cubic meters of gas can be
obtained from this field.
The Absheron field is located 100 km from Baku at a depth of 500
meters in the Azerbaijani sector of the Caspian Sea.
According to initial estimates, the field's reserves amount to
350 billion cubic meters of gas and 100 million tons of
condensate.
Participants in the Absheron project are SOCAR (35 percent),
TotalEnergies (35 percent), and ADNOC (30 percent).
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