BAKU, Azerbaijan, June 2. The final investment decision (FID) on the full-scale development of the Absheron gas and condensate field is expected in the coming months, Azerbaijan Country Manager for XRG Tolga Demir said at a panel discussion held on the second day of the Baku Energy Week, Trend reports.
According to him, the Absheron field is the first project in XRG's international gas portfolio, and the first stage of the project is currently being successfully implemented.
"Today, together with our partners SOCAR and TotalEnergies, we are producing about 4 million cubic meters of gas and 12 thousand barrels of condensate per day from one well. We expect a final investment decision on the full-scale development of the field to be made in the coming months. Three, or even four, wells are planned within the project," he said.
Demir noted that the first gas under the project is expected to be obtained in August 2029.
He said that XRG is also completing the process of acquiring a 12.5 percent stake in the Southern Gas Corridor (SGC).
"This project is an important energy corridor connecting Azerbaijan with Türkiye and Europe, with a length of more than 3 thousand kilometers, and annually transports more than 25 billion cubic meters of gas. We are pleased to be a part of this project," he stressed.
According to the XRG representative, the company signed a gas sales agreement with SOCAR, TotalEnergies, and BOTAS the other day, which is one of the important stages leading to the adoption of the final investment decision.
Demir added that XRG is cooperating in the Rio Grande LNG and Argentina LNG projects in the U.S., in the development of the Zohr and Apollo fields with bp in Egypt, in the Coral Sul project with ENI in Mozambique, and also with Petronas in Turkmenistan.
He noted that all the company's investments are based on long-term capital, strategic partnerships, and high-quality assets.
"Azerbaijan is a strategic center for us and SOCAR is our long-term strategic partner," Demir added.
