Gas production at the Absheron field in the Azerbaijani sector of the Caspian Sea by the end of 2023 is expected to reach 707 mcm.
“SOCAR expects production at Absheron in 2023 to amount to 1.8 million barrels of condensate and 707 mcm of gas. We believe that the launch of production in Absheron will improve SOCAR’s business profile,” the Fitch Ratings rating agency said in a commentary.
It should be noted that on July 10, 2023, production began as part of the first phase of development of the Absheron field. According to the Ministry of Energy of Azerbaijan, in July-September 2023, 400 million cubic meters of natural gas and 140 thousand tons of condensate were produced at the field.
At the same time, in September, gas production volumes at the field doubled compared to August figures. In September, an average of about 6.6 million cubic meters of gas per day was produced at the Absheron field.
The contract for the project was signed in February 2009 for a period of 30 years, the discovery of the Absheron field took place in the summer of 2011.
The shareholders of the Absheron project are currently: SOCAR (35%), “TotalEnergies” (35%) and ADNOC (UAE, 30%).
The Joint Operating Company of Absheron Petroleum B.V. (JOCAP) is engaged in the development of the Absheron field. The Absheron field is located 100 km from Baku at a depth of up to 600 meters.
According to initial estimates, the reserves of the field amount to 350 bcm of gas and 100 million tons of condensate.
