BAKU, Azerbaijan, September 30. The full-scale development of the Absheron gas condensate field (Absheron Full Field Development, FFD) will require an investment of approximately $4.2 billion.
This was stated in a post by SOCAR Vice President Babek Huseynov on his LinkedIn page.
According to him, the project has reached the final investment decision (FID) stage.
“The project involves an investment of approximately $4.2 billion and includes the drilling of four subsea production wells, the construction of approximately 142 kilometers of subsea multiphase pipeline, and the creation of new processing infrastructure in the Sangachal area,” B. Huseynov said.
He noted that the project's first gas is scheduled for 2029, and once it reaches plateau production, gas output is expected to reach about 4.5 billion cubic meters per year.
“The announcement of the final investment decision at the 2nd Azerbaijan International Investment Forum holds special symbolic significance and reflects the investment climate created by Azerbaijan to attract long-term international capital to major energy projects,” the SOCAR vice president noted.
According to Huseynov, SOCAR played a key role in advancing the Absheron FFD project to the FID stage, particularly through its subsidiary SOCAR Upstream Management International (SUMI), as well as the company’s commercial and legal departments.
“Throughout the period leading up to the FID decision, our teams removed obstacles when necessary, challenged initial assumptions, and ensured the project’s progress,” he said.
Huseynov also noted the importance of including the fourth eastern well in the project, a move that was actively supported by SOCAR.
“Over the entire life of the field, the gas recovery factor is expected to exceed 60 percent, which is comparable to the performance of modern international gas projects,” he added.
The SOCAR vice president emphasized that the primary goal at this stage is to produce first gas in 2029.
“We expect TotalEnergies to ensure the safe implementation of the project, adherence to the established deadlines, and completion of the work within the agreed-upon budget. SOCAR will continue to be closely involved in the project and, if necessary, provide support for its successful implementation,” B. Huseynov said.
