A project to fully develop the Absheron gas-condensate field in the Caspian Sea has reached the final investment decision stage, with total costs estimated at around $4.2 billion.
The news was shared by SOCAR Vice-President Babek Huseynov on his personal social media page. According to him, the development plan includes drilling four subsea production wells, laying a multiphase subsea pipeline nearly 142 kilometres long, and building new processing facilities at the Sangachal terminal.
At peak output, the project is expected to produce close to 4.5 billion cubic metres of gas per year. First gas is planned for 2029. Huseynov said the field’s recovery efficiency will exceed 60%, in line with international industry standards.
The SOCAR vice-president said the company’s SOCAR Upstream Management International unit, along with its commercial and legal departments, played a key role in bringing the project to this stage. He also highlighted the addition of a fourth eastern well to the project as a major achievement.
Huseynov said the main goal at this stage is clear: to start initial gas production by 2029. He added that he trusts TotalEnergies to deliver the project on schedule, within the approved budget and in line with safety standards, while SOCAR will continue providing the necessary support on its part.
Under the project’s second phase, output is planned at 12.7 million cubic metres of gas and 35,000 barrels of condensate per day. These volumes will be added to those produced during the first phase.
The Absheron field was discovered by Azerbaijani geologists in the 1960s and holds an estimated 350 billion cubic metres of gas reserves, making it the second-largest field in the Caspian Sea after Shah Deniz. An agreement on developing the field was signed between SOCAR and France’s Total in 2009. In August 2023, Abu Dhabi National Oil Company (ADNOC) acquired a 30% stake in the field. SOCAR and TotalEnergies each currently hold a 35% stake.
