BAKU, Azerbaijan, June 1. TotalEnergies sees potential to produce large volumes of natural gas at the Absheron gas condensate field, Senior Vice-President of TotalEnergies Europe Jean-Luc Guiziou said during the Baku Energy Forum, Trend reports.
According to him, the company has already extracted the first volumes.
"We see great potential and we have great expectations for this project," he said.
At the same time, according to Guiziou, TotalEnergies is also aimed at decarbonization and the clean extraction of natural resources.
"We are aimed at increasing energy capacity, including renewable energy. In this regard, an investment strategy has been developed, which we'll apply," he added.
The State Oil Company of the Republic of Azerbaijan (SOCAR) and TotalEnergies signed an agreement on November 21, 2016, on determining the main contractual and commercial conditions of the first stage of development of the Absheron gas condensate field.
The agreement on exploration, development, and production sharing in the Absheron offshore block was signed on February 27, 2009.
The term of the contract amounts to 30 years. The contract area is 747 square kilometers.
The Absheron field is located in the Azerbaijani sector of the Caspian Sea, 100 km southeast of Baku, at a depth of about 500 meters. The reserves of the field are estimated at 350 billion cubic meters of gas and 45 million tons of condensate.