BAKU, Azerbaijan, April 22. The final investment decision (FID) on the second phase of development of the Caspian gas condensate field "Absheron" has been postponed from 2024 to 2025, an informed source told Trend.
“The FID for the second phase of the Absheron field was expected at the end of 2024, but discussions between the companies participating in the project are dragging on, and the FID, which means approval of the start of work on the second phase of development of this field, has been postponed to mid-2025,” the source noted.
The participants in the Caspian Absheron project include the State Oil Company of Azerbaijan - SOCAR (35 percent), TotalEnergies (35 percent), and Abu Dhabi's national company, ADNOC (30 percent).
The Absheron field produced the first gas on July 10, 2023 (within the field's Phase I development).
The Absheron Phase I development is expected to reach peak production of 1.5 billion cubic meters of gas in 2024.
All gas from the first phase is purchased by SOCAR.
The second phase of the field development will likely be authorized this year, in which case Absheron will be able to produce five–six billion cubic meters of gas per year, adding gas volume for export.
In 2023, JOCAP (Joint Operating Company of Absheron Petroleum B.V.) produced 800 million cubic meters of natural gas and 300,000 tons of condensate from the Absheron gas field.
Besides, JOCAP produced 400 million cubic meters of gas and 140,000 tons of condensate from the Caspian Absheron gas condensate field from January through March 2024.
The contract area of the field is 747 square kilometers; it is located 100 km from Baku at a depth of 500 meters of sea.
Its estimated gas reserves are 350–400 billion cubic meters.
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