In July-December 2023, the JOCAP Operating Company (Joint Operating Company of Absheron Petroleum B.V.) produced 800 mcm of gas from the Absheron gas condensate field in the Caspian Sea.
According to the Ministry of Energy of Azerbaijan, 800 mcm of natural gas and 300 thousand tons of condensate were produced from the Absheron field by January 1, 2024.
On July 10, 2023, French “TotalEnergies” and Azerbaijani SOCAR announced the start of production as part of the first phase of development of the Absheron field. According to government forecasts, 600 mcm of gas and about 250 thousand tons of condensate were expected to be extracted from the “Absheron” field this year.
SOCAR and “TotalEnergies” had equal equity participation in the Absheron project – 50% each. However, on August 4, 2023, the Abu Dhabi National Oil Company (ADNOC) acquired a 30% equity interest in the project – 15% each from SOCAR and “TotalEnergies.” After the completion of the transaction, the shares of SOCAR and “TotalEnergies” in the Absheron project will amount to 35 each%.
The Joint Operating Company of Absheron Petroleum B.V. (JOCAP) is engaged in the development of the “Absheron” field. The contract was signed in February 2009 for a period of 30 years. The contract area is 747 square kilometers.
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 45 million tons of condensate, its development will be conducted in stages. At the first stage, the production volume will amount to 1.5 bcm per year. At the second stage, 5.5-6 bcm of gas per year.
Caspian Barrel
