BAKU, Azerbaijan, August 31. The State Oil Company of Azerbaijan (SOCAR) and Abu Dhabi National Oil Company (ADNOC) have discussed the implementation of the Absheron field's next stage, Trend reports.
According to SOCAR, the company's President Rovshan Najaf met with Executive Director of Low Carbon Solutions and International Growth at ADNOC Musabbeh Al Kaabi.
The parties noted the successful development of mutually beneficial relations between Azerbaijan and UAE, stressed the importance of the participation of UAE companies in energy projects implemented in Azerbaijan.
Besides, the parties emphasized that the agreement signed in August this year between SOCAR, TotalEnergies and ADNOC on the sale of a 30 percent stake in the Absheron gas condensate field will further strengthen strategic ties between Azerbaijan and UAE, full-scale development of the Absheron gas condensate field and expansion of the production potential of Azerbaijan.
The parties also noted that this will make a valuable contribution to enhancing productive capacity.
In addition, the parties discussed the current situation on the Absheron project, the implementation of the next stage of development, low-carbon solutions and renewable energy projects.
The parties pointed out that ADNOC is driving the development of renewable energy on a global scale through investments in Masdar, the largest clean energy company in the UAE, implementing a renewable energy project with a total capacity of 10 GW in Azerbaijan.
The meeting also featured an exchange of views on other issues of mutual interest.
TotalEnergies, in partnership with the State Oil Company of Azerbaijan (SOCAR), has announced the start of production from the first phase of development of the Absheron gas condensate field in the Caspian Sea, about 100 kilometers southeast of Baku.
Initial estimates put the field's reserves at around 300 billion cubic meters.
The production capacity is 4 million cubic meters of gas per day and 12,000 barrels of condensate per day. The gas will be sold on the domestic market in Azerbaijan.
