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SOCAR, TotalEnergies and XRG take final investment decision for Absheron gas field

By Reuters News21 hours ago Updated

BAKU, Sept 26 (Reuters) - Azerbaijan's state oil company SOCAR, France's TotalEnergies TTEF.PA and Abu Dhabi's XRG have taken a final investment decision on the full-field development of the Absheron gas and condensate field, the Azerbaijani presidency said on Saturday.

SOCAR President Rovshan Najaf, TotalEnergies President for Exploration and Production Nicolas Terraz and XRG Executive Office Director Omar Al Suwaidi exchanged the signed documents at the Second Azerbaijan International Investment Forum in Baku.

Azerbaijani President Ilham Aliyev said at the forum that the development of the second phase of Absheron, one of the largest offshore fields in the Caspian Sea, would increase the country's gas production by around 5 billion cubic metres within three to four years.

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