Azerbaijan targets 1.5 billion cubic metres of gas from Absheron field

Some 1.5 billion cubic meters of gas are expected to be produced from the Absheron field this year, located in the Azerbaijani sector of the Caspian Sea.

The State Oil Company of the Azerbaijan Republic (SOCAR) informed about the field at the Caspian Oil and Gas Exhibition as part of the Baku Energy Week, APA reports.

Every year Caspian Oil and Gas gathers leading experts attracting attention to Azerbaijan. Starting from last year, Caspian Oil and Gas has been held as part of the Baku Energy Week. Since then Caspian Oil & Gas has been a meeting place for leading oil, gas and energy professionals – a place where memoranda, agreements and contracts for future cooperation are signed. The list of exhibitors includes the leading oil and energy companies of the world. The participation of the President of the Republic of Azerbaijan Mr. Ilham Aliyev in the exhibition’s opening ceremony testifies to its high status.  

Some 523,000 tons of gas condensate are expected to be produced in the Absheron field in 2024.

Around 1.2 billion cubic metres of gas and 484,000 tons of condensate were produced at the field (July 2023) till May 1, 2024 since the beginning of production.

The Absheron gas and condensate field is located off the coast of Baku, Azerbaijan, in the Caspian Sea.

The field is being developed by Absheron Petroleum (JOCAP), a 50:50 joint venture between SOCAR and TotalEnergies.

In 2016, TotalEnergies and the SOCAR entered into an agreement for the first phase of the field’s development. Estimated to cost $1 billion, the development programme was approved in 2017.

Offshore construction for the oil and gas project began in September 2020 while production from the early production scheme (EPS) phase of the field started in July 2023.

Production from the field is crucial for Azerbaijan, which has been witnessing gas shortages due to increasing domestic consumption rates combined with the fact that the majority of the gas produced from the country’s Shah Deniz gas field is now exported elsewhere.