(Source: Shutterstock.com)
An official inauguration ceremony was held this week for the Absheron gas field, located in the Caspian Sea, offshore Azerbaijan. The field, which began production in July of this year, is averaging production of 1.5 Bcm per year.
TotalEnergies SE and its partner SOCAR (the State Oil Co. of the Republic of Azerbaijan) each own 35% interest in the field and in early August both companies sold a combined 30% interest in the field to Abu Dhabi National Oil Co. (ADNOC).
“I am very pleased to inaugurate Absheron, alongside the national company SOCAR and our new partner ADNOC. Discovered by our exploration team, this gas field provides additional gas resources to contribute to diversifying gas supply for Europe”, said Patrick Pouyanné, chairman and CEO of TotalEnergies.
A planned second phase of the development will increase the field's production to 5.5 Bcm per year, in line with Azerbaijan's ambition to supply the European market.
TotalEnergies also plans to participate in the development of the country’s renewable energy potential under the memorandum of understanding signed in June 2023 to assess and develop 500 megawatts of renewable wind and solar energies and energy storage systems for the national grid.
Recommended Reading
Which Haynesville E&Ps Might Bid for Tellurian’s Upstream Assets?
2024-02-12 - As Haynesville E&Ps look to add scale and get ahead of growing LNG export capacity, Tellurian’s Louisiana assets are expected to fetch strong competition, according to Energy Advisors Group.
From Tokyo Gas to Chesapeake: The Slow-burning Fuse that Lit Haynesville M&A
2024-03-01 - TG Natural Resources rides the LNG wave with Rockcliff deal amid shale consolidation boom.
Ohio Oil, Appalachia Gas Plays Ripe for Consolidation
2024-04-09 - With buyers “starved” for top-tier natural gas assets, Appalachia could become a dealmaking hotspot in the coming years. Operators, analysts and investors are also closely watching what comes out of the ground in the Ohio Utica oil fairway.
Exclusive: Rockcliff CEO on $2.7B TGNR Deal, Value of Haynesville M&A
2024-04-10 - Rockcliff Energy CEO and President Alan Smith discusses the ups and downs of executing the transaction with TG Natural Resources and what's on the Rockcliff III radar, in this Hart Energy Exclusive interview.
An Untapped Haynesville Block: Chevron Asset Attracts High Interest
2024-04-03 - Chevron’s 72,000-net-acre property in Panola County, Texas is lightly developed for the underlying Haynesville formation — and the supermajor may cut it loose.