XRG Approves Investment for Absheron Gas Field in Azerbaijan

XRG, the international energy investment unit of Adnoc, has reached a final investment decision to develop the Absheron offshore gas and condensate field in Azerbaijan. The announcement took place during the Azerbaijan International Investment Forum in Baku.

XRG holds a 30 percent stake in the project, while the state oil company of Azerbaijan, Socar, and France's TotalEnergies each hold 35 percent. The Absheron field is estimated to contain up to five trillion cubic feet of recoverable gas resources. The partners target a production start by 2029, with expected daily outputs of 600 million cubic feet of gas and 47,000 barrels of condensate.

This project aligns with a broader strategy by XRG to double its asset value over the next decade and expand its global gas portfolio. The company has recently entered energy sectors in the United States, Argentina, and Venezuela. Mohamed Al Aryani, president of XRG's international gas unit, stated that the decision reinforces Azerbaijan's role as a trusted energy partner to international markets.