BAKU, Azerbaijan, December 8. Azerbaijan’s share of oil and gas production from Absheron field in 2024 will stand at 0.81 million barrels and 0.29 billion cubic meters, respectively, Trend reports via the Chamber of Accounts.
Revenues of Azerbaijan’s State Oil Fund (SOFAZ) from this field will amount to $77.38 million next year.
Meanwhile, in the first nine months of 2023 SOFAZ received $6 million from Absheron field.
The field is expected to produce 2 million barrels of profit oil and 707.55 million cubic meters of gas as of 2023, while in 2024, these figures will rise to 4.05 million barrels and almost 1.474 billion cubic meters in 2024.
Absheron gas condensate field is located about 100 kilometers southeast of Baku in the Azerbaijani sector of the Caspian Sea. TotalEnergies and Azerbaijan's state oil company SOCAR both hold a 50 percent interest in the project, which is operated by the joint company JOCAP (Joint Operating Company of Absheron Petroleum).
The launch of the Absheron field is the largest project in Azerbaijan's oil and gas sector after Shah Deniz 2.
Currently, the gas produced from the field is sold domestically, but given that volumes will increase in the next phase of the project, markets in Türkiye and Europe are being considered for export.
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