SOCAR: Investment decision on Absheron field expected next year

The final investment decision (FID) on the Absheron field, located in the Azerbaijani sector of the Caspian Sea, is expected to be made in 2026, SOCAR Vice President Babak Huseynov told journalists as part of the SPE Annual Caspian Technical Conference 2025 held in Baku, Report informs.

Previously, it had been announced that the investment decision for the second phase of the Absheron gas-condensate field development project could be made by the end of 2025.

The Absheron field was discovered by Azerbaijani geologists in the 1960s and is estimated to contain 350 billion cubic meters of gas.

In 2009, SOCAR and France's Total signed a contract for the field. On August 4, 2023, Abu Dhabi National Oil Company (ADNOC) signed an agreement to acquire a 30% stake in the Absheron gas-condensate field. Following the completion of the acquisition, SOCAR and TotalEnergies each hold 35% shares.