Absheron Gas & Condensate Field Produces More Than 1.5 Bcm Of Gas This Year
Date
7/10/2024 3:10:38 AM
(MENAFN- AzerNews)
Fatime Letifova
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The Absheron gas and condensate field produced more than 1.5 bcm
of gas and approximately 580 thousand tons of condensate during a
year for the early production scheme (EPS) phase,
Azernews reports, citing the post shared by
Azerbaijan's Energy Minister Parviz Shahbazov on his official "X"
account.
Minister added that the plans of developing the Absheron field
in stages and increasing the annual production from 1.5 bcm to 6
bcm are significant contributions to the energy security of our
country, as well as of our regional and European partners.
It should be noted that the "Absheron" field was discovered by
Azerbaijani geologists in the 1960s. The gas volume at the field is
reported to be 350 billion cubic meters.
A contract was signed in 2009 between the French company "Total"
and the State Oil Company of Azerbaijan (SOCAR) regarding the
"Absheron" field. On August 4, 2023, an agreement was signed with
the Abu Dhabi National Oil Company (ADNOC) to acquire a 30% stake
in the "Absheron" gas-condensate field. After the acquisition is
completed, the participation shares of SOCAR and "TotalEnergies"
will each amount to 35%.
The first oil from the "Azeri-Chirag-Gunashli" field block,
located approximately 100 km off the coast of Azerbaijan, was
produced in 1997. The first production sharing agreement for the
development of the field block was signed on September 20, 1994. On
September 14, 2017, a new agreement was signed for the joint
exploitation and production sharing of these fields, which is
intended to continue until the end of 2049.
The agreement on the exploration, development, and production
sharing of the "Shah Deniz" prospective area was signed on June 4,
1996. The production sharing agreement (PSA) for "Shah Deniz" was
ratified on October 17, 1996. The field, located 70 km southeast of
Baku, was discovered in 1999.
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