Absheron Production 1Q 2024 Results – 400 Million Cubic Meters of Gas
From the Absheron field in the first quarter. 400 million cubic meters were produced. m. of gas – Ministry of Energy of Azerbaijan
The operating company JOCAP (Joint Operating Company of Absheron Petroleum B.V.) produced 400 million cubic meters of gas from the Absheron gas condensate field in the Caspian Sea in January-March 2024, the Ministry of Energy of Azerbaijan told Interfax-Azerbaijan.
“According to operational data, 400 million cubic meters of natural gas and 140 thousand tons of condensate were produced from the Absheron field in January-March,” the department emphasized.
As reported, TotalEnergies and SOCAR (State Oil Company of Azerbaijan) announced on July 10, 2023 the start of production as part of the first phase of development of the Absheron field.
In 2023, JOCAP produced 0.8 billion cubic meters of natural gas and 0.3 million tons of condensate from the Absheron field.
Currently, production is carried out as part of the first stage of production from the Absheron field. The gas is intended for the domestic market of Azerbaijan.
SOCAR and TotalEnergies had equal participation in the Absheron project – 50% each. However, on August 4, 2023, the Abu Dhabi National Oil Company (ADNOC) acquired a 30% stake in the project – 15% each from SOCAR and TotalEnergies. After completion of the transaction, the shares of SOCAR and TotalEnergies in the Absheron project will each be 35%
The development of the Absheron field is carried out by the Joint Operating Company of Absheron Petroleum B.V. (JOCAP), established by SOCAR Absheron (50%) and TOTAL E&P Absheron (50%). The contract was signed for a period of 30 years. The contract area is 747 sq. m. km.
The Absheron block is located 100 km from Baku at a depth of 500 meters. In 2019, SOCAR and TOTAL completed drilling of the production and appraisal well “ABD-001” with a depth of 7411 meters at the Absheron field. According to the initial estimate, the field’s reserves amount to 350 billion cubic meters of gas and 100 million tons of condensate; its development will be carried out in stages.
At the first stage, production volume will be 1.5 billion cubic meters per year. At its peak, the project can produce 5.5-6 billion cubic meters of gas per year.