Azerbaijan and two international companies reach final investment decision on Absheron gas field

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智通财经2026/09/27 03:06

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An aide to Azerbaijan's President Aliyev announced on Saturday that state-owned oil company Socar had reached a final investment decision with France's TotalEnergies and the UAE's XRG on the full development of the Absheron gas condensate field.
Aliyev stated that Absheron is one of the largest gas fields in the Caspian Sea and that the second phase of development will raise Azerbaijan's output by about 5 billion cubic meters within three to four years.
Azerbaijan mainly exports natural gas to Europe and Turkey, with the EU receiving half of Baku's gas exports. Last year's gas exports reached 25 billion cubic meters.
Azerbaijan has for years sought to sign long-term gas export contracts with Europe to boost investment in the sector, while Europe looks to secure supply sources beyond Russian gas.
The EU has already reached an agreement to stop importing Russian natural gas by December 2025. It plans to gradually cease importing liquefied natural gas by December 31, 2026, and to stop pipeline gas imports by September 30, 2027.
In addition, Socar signed an agreement with ExxonMobil to share equally the exploration, development, and production of unconventional oil and gas resources in Azerbaijan's central Kura Basin, with ExxonMobil acting as the operator.
Aliyev expects cargo volume transported via Azerbaijan to reach about 16 million tons in 2026, with the goal of doubling to 25 million tons or more by 2030. He also revealed that negotiations are underway with undisclosed international companies to develop data centers and artificial intelligence technology in Azerbaijan.
From a market perspective, the development of Absheron will help diversify Europe's gas sources, but the additional output still requires supporting pipeline capacity. Future attention should focus on project execution progress and the impact on European gas prices.

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Azerbaijan and two international companies reach final investment decision on Absheron gas field

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