SOCAR, ADNOC move forward on Azerbaijan’s key gas-condensate project

The State Oil Company of Azerbaijan (SOCAR) and the Abu Dhabi National Oil Company (ADNOC) held discussions on the full-field development of the Absheron gas and condensate field, SOCAR President Rovshan Najaf wrote on X.

“During our meeting with Musabbeh Al Kaabi, Chief Executive Officer for Upstream at ADNOC Group, we focused on advancing strategic cooperation in the energy sector, reviewing current operations and the full-field development of the Absheron gas and condensate field, assessing progress achieved under our Strategic Cooperation Agreement,” Najaf said, Caliber.Az reports per local media.

The Absheron field, discovered by Azerbaijani geologists in the 1960s, is reported to contain gas reserves of approximately 350 billion cubic metres.

A contract for the field was initially signed in 2009 between France’s TotalEnergies and SOCAR. More recently, on August 4, 2023, an agreement was concluded with ADNOC for the acquisition of a 30% stake in the Absheron gas-condensate field. Under the current ownership structure, SOCAR and TotalEnergies each hold 35% of the participation share.

By Vafa Guliyeva