Baku, Azerbaijan, Sept. 22
By Maksim Tsurkov – Trend:
The volume of capital investments as part of the first stage of development of Azerbaijan’s Absheron gas field is estimated at $1.1 billion, says an article by Elshad Nasirov, SOCAR vice-president for investments and marketing, published in a special issue of the Iki Sahil newspaper.
According to Nasirov, in general, it is planned to produce 37 million barrels of condensate and 15 billion cubic meters of gas at the stage of the initial development scheme, which, according to the project, will start in late 2019.
“According to initial estimates, it requires $1.1 billion of capital investments. The final investment decision on this stage is expected to be made at the end of 2017,” says the article.
Nasirov noted that in total, at the first stage, including the stage of initial development scheme, hydrocarbon reserves amount to more than 164 million barrels of condensate and 74 billion cubic meters of gas.
Earlier, SOCAR and Total signed a framework agreement on the main contractual and commercial principles regulating the first phase of Absheron’s development.
The first phase of the field’s development envisages drilling one well at a sea depth of 450 meters. The gas output will be up to 1.5 billion cubic meters per year, which will be used in Azerbaijan’s domestic market.
Absheron’s reserves are estimated at 350 billion cubic meters of gas and 45 million tons of condensate.
The Absheron project will be operated by the Joint Operating Company Absheron Petroleum (50 percent SOCAR, 50 percent Total).
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