SOCAR, TotalEnergies discuss development of Absheron field

On January 8, President of State Oil Company of Azerbaijan (SOCAR), Rovshan Najaf, met with Martina Opizzi, Senior Vice President of TotalEnergies, SOCAR told Report.

During the meeting, the parties discussed the implementation status of projects carried out with joint participation of SOCAR and TotalEnergies, including the steps taken toward the full-scale development of the Absheron gas condensate field.

The sides also exchanged views on potential cooperation opportunities in the energy sector in Azerbaijan and overseas, as well as on other issues of mutual interest.

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.