This year the administration of Total E&P Azerbaijan company, which is in charge of exploration and development of the gas condensate field Absheron, stated that the first gas is planned to be extracted on the contract area in 2020.
At the “Oil and Gas Week 2013” in Baku Christian Gudiselli, General Manager Total, said the first gas will be extracted from the well at the end of 2020. He said at the first stage it is planned to extract 3-5 billion cub.m. of gas a year.
Total General Manager is aware that the first gas from the Shah-Deniz Phase 2 will be exported to Europe no earlier than 2019. Almost a year and a half – till the end of 2020 – is needed to achieve the planned production. Will the shareholders of SCP, TANAP and TAP make a decision to expand the gas pipelines right after that? Of course not. The pipelines will not be expanded earlier than 2024. The conclusion is that extraction on the Absheron field cannot commence before that, because one cannot export the extracted gas via the alternative routes.—0—
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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