Drilling of the first operation well on the Absheron gas condensate field in the Azerbaijan sector of the Caspian Sea is scheduled for 2019, Eric Mayer, Total Development Manager, said at the Oil & Gas Week-2015 conference in Baku.
He said in 2017 it is planned to start drilling of the first evaluation well on the field.
“In the last quarter of 2017 we will make a final investment decision. In quarter 3, 2019 we plan to start drilling of the first operation well and the first gas from the field is planned to be extracted at the end of 2021 – early 2022,” Mayer said.
Discovery of a big gas field Absheron was announced in September 2011 after drilling of the evaluation well.
The potential resources of the field total 350 billion cub.m. of gas and 45 million tons of condensate.
The partners of the Absheron project include SOCAR with 40%, French Total – 40% and Gaz De France Suez – 20%.—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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