The Absheron gas-condensate field’s full-field development (Absheron FFD) project has reached the stage leading to the final investment decision (FID), with total capital expenditure estimated at approximately $4.2 billion.
The development program includes drilling four subsea production wells, constructing approximately 142 km of multiphase offshore pipeline, and establishing new gas-processing infrastructure in the Sangachal area. At the plateau stage, gas production is expected to reach around 4.5 billion cubic meters per year, while first gas is scheduled for 2029.
B. Huseynov highlighted the important role played by SOCAR, its “SOCAR Upstream Management International” (SUMI) unit, as well as the company’s commercial and legal divisions in advancing the project, resolving contractual issues and addressing challenges during the pre-investment stage. He also emphasized the importance of incorporating the fourth eastern well approved by SOCAR into the project.
The gas recovery rate at the field is projected to exceed 60%, which is in line with global industry standards. According to Huseynov, the main objective at this stage is to achieve first gas production in 2029. He said they expect “TotalEnergies” to deliver the project within the established timeframe and approved budget while complying with safety requirements, with SOCAR continuing to provide the necessary support.
Under Phase 2 of the project, plateau production is planned to reach 12.7 million cubic meters of gas per day and 35,000 barrels of condensate per day. These volumes will be additional to the production levels achieved under Phase 1.
The Absheron field was discovered by Azerbaijani geologists in the 1960s. Its gas reserves are estimated at approximately 350 billion cubic meters, making it the second-largest gas field in the Caspian Sea after Shah Deniz in terms of estimated reserves.
The agreement on the development of the Absheron field was signed in 2009 between SOCAR and France’s “Total.” On August 4, 2023, an agreement was signed for Abu Dhabi National Oil Company (ADNOC) to acquire a 30% stake in the Absheron project. SOCAR and “TotalEnergies” currently hold 35% each.
https://report.az/energetika/abseron-yataginin-islenmesi-ucun-4-2-milyard-dollarliq-sermaye-teleb-olunacaq