SOCAR, Azerbaijan’s state-owned oil and gas company, together with France’s TotalEnergies, a global energy major listed in Paris, ADNOC International, the overseas arm of Abu Dhabi National Oil Company, and Türkiye’s BOTAS have concluded a natural gas sales and purchase agreement (SPA) for future volumes from Azerbaijan’s Absheron field, Reuters reported.
The agreement paves the way for the second phase of Absheron field’s development, with a final investment decision anticipated later this year. Production is scheduled to begin in 2029, targeting more than 4 billion cubic metres (bcm) annually.
SOCAR confirmed that approximately half of the output will be directed to the Turkish market under the terms of the agreement. The Absheron field, among Azerbaijan’s largest gas-condensate assets, is expected to play a pivotal role in expanding the country’s export capacity and reinforcing regional energy security.
The project underscores Azerbaijan’s growing importance as a supplier to regional markets, strengthening cooperation with Turkey and international partners while supporting long-term energy diversification.
The Absheron gas-condensate field, located about 100 kilometers southeast of Baku in the Caspian Sea, is one of Azerbaijan’s largest offshore discoveries with estimated reserves of 350 bcm of gas and 45 million tons (mt) of condensate. First explored in the 1960s, the field’s development gained momentum after SOCAR and TotalEnergies signed a new agreement in 2009, confirming significant reserves in 2011.
Phase One, launched in July 2023 under the Early Production Scheme, marked the start of commercial output from a single subsea well tied back to SOCAR’s Oil Rocks facilities, producing around 4.2 million cubic meters of gas per day (mmcm/d) and 12,800 barrels of condensate.
