SOCAR to purchase condensate volumes of “Absheron” field

All condensate volumes produced from the “Absheron” gas condensate field located in the Azerbaijani sector of the Caspian Sea will be transferred to the State Oil Company of Azerbaijan Republic (SOCAR) on swap basis.

Vagif Aliyev, Chief of SOCAR Investments Department told Report.

Under the contract with Total, the gas produced from the “Absheron” field will be delivered to the domestic market, and condensate volumes will be given to SOCAR on swap basis. Instead, Total will buy crude oil in the Ceyhan port, the chief of the department said.

According to him, the concept of the development of the second phase of the field is not yet ready: “This concept will be formed on the basis of the first well”.

Aliyev said that drilling of the first well at the Absheron field will begin soon: “At present, liquidation works of existing exploration well are underway”.

“Absheron” gas condensate field is located in the south-west of the Azeri-Chirag-Guneshli block of fields, 500 meters depth of the sea. According to SOCAR estimates, the potential reserves of the field are $ 350 bln. cubic meters of gas and 45 mln tons of condensate.

Notably, agreement on exploration, development and production of “Absheron” offshore block was signed in 2009. The project participants are SOCAR (50%) and Total (50%).