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 arm, XRG, is planning to advance its gas portfolio in Azerbaijan with the next phase of its strategic field development. The final investment decision for the Absheron offshore gas and condensate field, where XRG holds a 30% stake, was made in conjunction with Azerbaijan's state oil company Socar and TotalEnergies, a French energy company.
XRG announced its 30% stake acquisition in 2023, alongside Socar and TotalEnergies, which each hold a 35% stake. The Absheron field, projected to begin production in 2029, is set to generate up to 600 million cubic feet of gas and 47,000 barrels of condensate daily. Recoverable gas resources at Absheron are estimated at up to five trillion cubic feet.
XRG's president, Mohamed Al Aryani, highlighted Azerbaijan's role as a critical bridge between Caspian resources and international markets, emphasizing the significance of this investment in bolstering energy security and long-term growth. The company plans to double its asset value over the next decade, having recently expanded its investments globally.
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