Absheron Field: Fueling Azerbaijan's Energy Ambitions With Robust Gas, Condensate Output

(MENAFN- AzerNews)
Absheron Field: Fueling Azerbaijanenergy
Ambitions With Robust Gas, Condensate Output Image' Width='242' Height='268'/>
Ulviyya Shahin Read more

The State Oil Company of Azerbaijan Republic (SOCAR) has recently disclosed ambitious production forecasts for gas and condensate from the Absheron offshore field, signaling significant strides in the country's energy sector.

Azernews reports on the promising outlook outlined by SOCAR, highlighting substantial increases in gas and condensate production compared to previous years.

In 2024, gas production at the Absheron field is anticipated to reach 1.5 billion cubic meters, alongside 523,000 tons of condensate, according to SOCAR. This projection reflects a notable expansion in output capabilities, showcasing the field's substantial contribution to Azerbaijan's energy portfolio.

Since the commencement of production, the Absheron field has already yielded impressive results, with 1.2 billion cubic meters of gas and 484,000 tons of condensate produced as of May 1, 2024. This upward trend underscores the field's significance as a key contributor to Azerbaijan's energy security and economic development.

Contrasting with the previous year's figures, the Ministry of Energy of Azerbaijan reports a remarkable surge in production from the Absheron field. Gas production is set to increase by 87.5%, while condensate output is expected to rise by 74.3% in 2024. These statistics underscore the field's growing prominence within the country's energy landscape.

The partnership between TotalEnergies and SOCAR has played a pivotal role in driving the development of the Absheron field. The joint efforts culminated in the commencement of production in July 2023, marking the initial phase of development. Notably, the produced gas is earmarked for the domestic market, contributing to Azerbaijan's energy self-sufficiency objectives.

As production from the Absheron field progresses, significant growth opportunities emerge. Initial estimates indicate an annual gas production of 1.5 billion cubic meters, with future projections envisioning a substantial increase to 5 billion cubic meters. With reserves totaling 350 billion cubic meters, the Absheron field stands as a pivotal asset in Azerbaijan's energy reserves, ranking second only to the Shah Deniz field in the Caspian Sea region.

SOCAR's unveiling of impressive gas and condensate output projections from the Absheron field reflects the country's commitment to harnessing its energy resources for economic prosperity. As production levels soar and collaborative efforts yield tangible results, the Absheron field emerges as a cornerstone of Azerbaijan's energy strategy, poised to drive sustainable growth and strengthen the nation's position in the global energy landscape.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.