Absheron Full Field Development to Require $4.2 Billion Investment

The full-scale development of the Absheron gas-condensate field (Absheron Full Field Development, FFD) will require investments of around $4.2 billion, according to a LinkedIn post by SOCAR Vice President Babek Huseynov.

According to him, the project has reached the final investment decision (FID) stage.

"The project envisages investments of around $4.2 billion and includes the drilling of four subsea production wells, the construction of about 142 kilometers of subsea multiphase pipeline, and the creation of new processing infrastructure in the Sangachal area," Huseynov said.

He noted that first gas under the project is planned for 2029, and at plateau production, gas output is expected to be around 4.5 billion cubic meters per year.

"The announcement of the final investment decision at the Second Azerbaijan International Investment Forum has particular symbolic significance and reflects the investment climate created by Azerbaijan to attract long-term international capital into major energy projects," the SOCAR vice president said.

According to Huseynov, SOCAR played an important role in advancing the Absheron FFD project to the FID stage, in particular its division SOCAR Upstream Management International (SUMI), as well as the company's commercial and legal divisions.

"During the period leading up to FID, our teams removed obstacles as necessary, challenged initial assumptions, and ensured the project's advancement," he said.

Huseynov also noted the importance of including the fourth eastern well in the project, which was actively supported by SOCAR.

"Over the entire field development period, 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 at this stage the main goal is to achieve first gas in 2029.

"We expect TotalEnergies to ensure the safe implementation of the project, adherence to established timelines, and execution of work within the agreed budget. SOCAR will continue to be closely involved in the project and provide support as needed for its successful implementation," Huseynov said.