BAKU, Azerbaijan, October 25. The commencement of operations at the Absheron gas field is poised to enhance the business standing of Azerbaijan's state oil company, SOCAR, Trend reports via Fitch Ratings.
Fitch experts recall that SOCAR, in partnership with TotalEnergies SE (AA-/Stable), initiated production at the Absheron gas and condensate field in July 2023.
“SOCAR expects production from Absheron will amount to 1.8 million barrels of oil and 707 million cubic metres of natural gas in 2023. We understand that the start of Absheron field is the largest Azerbaijani oil and gas development since Shah Deniz II. We believe the start of Absheron improves SOCAR's business profile,” said the rating agency.
The data provided by Azerbaijan’s Energy Ministry reveals that gas production from the Absheron field reached a total of 0.4 billion cubic meters from January to September 2023. The Absheron gas condensate field, situated about 100 km southeast of Baku in the Azerbaijani sector of the Caspian Sea, is under the operation of JOCAP.
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