Adnoc's XRG prepares for next phase of Azerbaijan gas development
XRG, Adnoc's international energy investment unit , is to boost its gas portfolio with plans for the next phase of its strategic field development in Azerbaijan. The final investment decision for the Absheron offshore gas and condensate field development, where XRG holds a 30 per cent stake, was made alongside Azerbaijan's state oil company Socar and France's TotalEnergies, XRG said in a…
Adnoc's international energy investment unit, XRG, has announced plans to invest in the next phase of gas development in Azerbaijan's Absheron offshore field. The final investment decision was made alongside Azerbaijan's state oil company Socar and France's TotalEnergies, with XRG holding a 30% stake in the venture. The field is expected to produce up to 600 million cubic feet of gas and 47,000 barrels of condensate per day once production begins in 2029.
XRG's president, Mohamed Al Aryani, highlighted Azerbaijan's role as a critical bridge between Caspian resources and international markets, emphasizing the company's commitment to investing in world-class resources and infrastructure to support energy security and long-term growth.
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