XRG, SOCAR and TotalEnergies working toward final investment decision on Absheron project

XRG, the global investment arm of the Abu Dhabi National Oil Company (ADNOC) of the UAE, aims to bring the multibillion-dollar Absheron gas-condensate field development project to the final investment decision stage.

According to Report, Bassem Tadros, XRG's Senior Vice President for Asset Management, said at the 2nd Azerbaijan International Investment Forum (AIIF 2026) that during the initial phase of the company's international expansion, its first overseas transaction was concluded in Azerbaijan.

"This demonstrates the deep trust and strong relationship between the leaders of the two countries. Our journey began with the acquisition of a stake in the Absheron gas-condensate field. We are actively working on this project together with Azerbaijan's State Oil Company (SOCAR) and TotalEnergies to bring it to a final investment decision involving several billion dollars. This will lay the foundation for the energy security of the entire region," Tadros said.

Production at the field began three years ago, while the launch of the project's second phase is expected by the end of this year. Under Phase 1, production from the Absheron field stands at 1.5 billion cubic meters. Phase 2 is expected to increase annual production to at least 4.5 billion cubic meters. Part of the gas produced under Phase 2 will be exported to Türkiye, while the remainder will be supplied to Azerbaijan's domestic market. Condensate produced at the field will be exported via the Baku–Tbilisi–Ceyhan pipeline.