(MENAFN- AzerNews)
energy Ambitions With Robust Gas, Condensate Output Image' Width='242' Height='268'/>
Ulviyya Shahin
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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.
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