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.
