BAKU, Azerbaijan, August 4. The participation of the Abu Dhabi National Oil Company (ADNOC) in the development project of Azerbaijan's Absheron gas field will help to reduce possible risks in capital investments, energy expert Ilham Shaban said, Trend reports.
TotalEnergies and the State Oil Company of the Republic of Azerbaijan (SOCAR) have agreed to sell ADNOC 15% of their stake in the Absheron gas field. After the completion of this transaction, which is subject to approval by the necessary authorities, TotalEnergies will own a 35 percent stake in the Absheron gas field, alongside SOCAR (35 percent) and ADNOC (30 percent).
According to Ilham Shaban, this will provide new viewpoints and perspectives on Azerbaijan's programs. According to him, Azerbaijan has inked 40 production sharing and risk management agreements with virtually no Arab companies.
The Absheron gas field, according to Shaban, has the same complicated geological structure as Shah Deniz 2.
"However, the Absheron gas field is even deeper than the Shah Deniz 2 field." As a result, production at the Absheron gas field will be carried out in a variety of technological ways. This is an extremely costly project. As a result, both companies sold 15% of their stake to an Arab corporation. This will result in an additional reduction of potential hazards when investing in the Absheron 2 project," he stated.
JOCAP (Joint Operating Company Absheron Petroleum) operates the Absheron gas field in the Caspian Sea.
TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) recently announced the start of production at the Absheron gas and condensate field in the Caspian Sea, approximately 100 kilometers south-east of Baku.
Initial estimates place the field reserves at around 300 billion cubic meters.