Firm sells 15% interest in Absheron gasfield

1st September 2023

Multi-energy company TotalEnergies and gas company State Oil Company of the Republic of Azerbaijan (Socar) signed an agreement last month to sell a 15% participating interest each in their joint operation Absheron gasfield project to diversified energy group Abu Dhabi National Oil Company (Adnoc).

Absheron gas and condensate field is located in the Caspian Sea, around 100 km south-east of Baku in Azerbaijan, and operated by the Joint Operating Company of Absheron Petroleum.

Following the completion of this transaction, which is subject to approval by the relevant authorities, TotalEnergies will own a 35% interest in Absheron gasfield, alongside Socar (35%) and Adnoc (30%).

Prior to the agreement, TotalEnergies and Socar both held a 50% interest in the project.

“TotalEnergies is pleased to welcome Adnoc [. . .] into the Absheron gasfield,” TotalEnergies exploration and production president Nicolas Terraz said.

Production of the first phase of development of the Absheron gas and condensate field started in early July.

This first phase connects a subsea production well to a new gas processing platform, which is linked to Socar’s existing facilities in Oil Rocks, located in Baku, Azerbaijan.

The field has a production capacity of four-million cubic metres of gas a day and 12 000 bbl/d of condensate.

Terraz says that the project offers significant further development potential to meet the growing gas demand.

The gas will be sold on the domestic market in Azerbaijan.

Terraz expressed pleasure at the the startup of the Absheron gasfield, which is the result of its exploration team’s success.