SOCAR, ADNOC discuss full-field development of Absheron gas-condensate field

The State Oil Company of Azerbaijan (SOCAR) and the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates discussed the full-field development of the Absheron gas and condensate field, SOCAR President Rovshan Najaf wrote on X, Report informs.

"During our meeting with Musabbeh Al Kaabi, Chief Executive Officer for Upstream at ADNOC Group, we focused on advancing strategic cooperation in the energy sector, reviewing current operations and the full-field development of the Absheron gas and condensate field, assessing progress achieved under our Strategic Cooperation Agreement," reads the post.

Absheron field was discovered by Azerbaijani geologists in the 1960s. The gas reserves at the field are reported to be 350 billion cubic meters.

In 2009, a contract was signed between France's Total company and the State Oil Company of Azerbaijan (SOCAR) regarding the Absheron field. Later, on August 4, 2023, an agreement was signed with Abu Dhabi National Oil Company (ADNOC) for the acquisition of a 30% stake in the Absheron gas-condensate field.

According to the agreement, SOCAR and TotalEnergies each hold a 35% participation share.