BAKU, Azerbaijan, April 30. The State Oil Company of the Republic of Azerbaijan (SOCAR) has announced progress and targets related to the full-scale development of the Absheron gas-condensate field, located in the Caspian Sea, southeast of Baku, SOCAR told Trend.
An agreement has been reached between project partners and key contractors to begin "Front End Engineering Design" (FEED) work for the second phase of the Absheron field’s development.
The engineering and planning activities have already commenced earlier this year, with the goal of being ready to make a final investment decision by the end of next year.
SOCAR noted that the gas extracted from the Absheron field will serve both domestic demand and be exported abroad. "Based on initial commercial discussions with partners, the gas will be purchased to meet Azerbaijan’s domestic needs and simultaneously supplied for export," the company stated.
The company emphasized the broader significance of this strategic project. "SOCAR’s joint implementation of the field’s development with international partners and the achievement of first gas not only contributes positively to the global energy market but also plays a major role in strengthening Azerbaijan’s position as a guarantor of international energy security," the statement said.
The Absheron gas-condensate field, situated in the Azerbaijani sector of the Caspian Sea around 100 kilometers southeast of Baku, is operated by the Joint Operating Company of Absheron Petroleum (JOCAP). Initial gas production from the field began in early July 2023.
Preliminary estimates indicate that the field holds around 350 bcm of gas and 45 million tons of condensate.
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