Geopolitical instability in the Middle East
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TotalEnergies Finalizes Plan for Azeri Absheron Field's Second Phase
Yahoo Finance· 2026-03-16 16:30
Core Insights - TotalEnergies anticipates the first gas from the expansion of the Absheron gas and condensate field in Azerbaijan to commence in September 2029 [1][4] Group 1: Project Overview - The Absheron Full Field Development Project aims to enhance production by adding three subsea wells and a 143-km-long multiphase production pipeline to transport raw well fluids to an onshore Central Processing Facility (CPF) [2] - The CPF will separate gas and liquid phases, conditioning the gas to meet the South Caucasus Pipeline (SCP) entry specifications, with an export capacity of 450 million standard cubic feet per day (MMscfd) of gas and 38,000 barrels per day of unstabilized condensate [3] Group 2: Market Context - Azerbaijan's natural gas is becoming increasingly valuable in global markets, especially in light of Qatar's production shutdown at the world's largest LNG complex and geopolitical tensions affecting the Strait of Hormuz [5] - In 2025, Azerbaijan's natural gas production is projected to increase by 2.4% compared to the previous year, highlighting its role as a key supplier to Europe [5] Group 3: Production Statistics - In the previous year, the Shah Deniz field produced 27.9 billion cubic meters (bcm), the Azeri-Chirag-Gunashli (ACG) fields contributed 14.1 bcm, and the Absheron field yielded 1.6 bcm, with SOCAR accounting for a total of 7.9 bcm of gas production [6]