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
First Solar’s 14 GW of Operational Capacity to Support 30,000 Jobs by 2026
2024-02-26 - First Solar commissioned a study to analyze the economic impact of its vertically integrated solar manufacturing value chain.
SunPower Begins Search for New CEO
2024-02-27 - Former CEO Peter Faricy departed SunPower Corp. on Feb. 26, according to the company.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
GE Vernova Completes Spin-Off from GE
2024-04-04 - GE Vernova, an energy transition company, began trading as an independent company on the New York Stock Exchange this week.