SOCAR, TotalEnergies, ADNOC's XRG and Turkey's BOTAS have signed a natural gas sales and purchase agreement for gas to be produced from Azerbaijan's Absheron field.
The agreement was signed on the sidelines of Baku Energy Week, by SOCAR President Rovshan Najaf, BOTAS Chairman and General Manager Abdulvahit Fidan, TotalEnergies Senior Vice President Europe for Exploration and Production Martina Opizzi, and Mohammed Al Aryani, President International Gas at XRG.
A final investment decision for the second phase of the Absheron project is expected this year. Annual gas production is expected to begin in 2029 and reach above 4 billion cubic metres (bcm).
Around half of the production is expected to be supplied to the Turkish market under the agreement, a SOCAR official said.
The Absheron field is one of Azerbaijan's largest gas-condensate fields. The second development phase would boost Azerbaijan's gas export potential and contribute to regional energy security.
(Reuters - Reporting by Nailia Bagirova; Editing by Can Sezer and Daren Butler)