By: Zawya

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.

(Reporting by ⁠Nailia Bagirova; Editing ​by Can Sezer and Daren Butler)