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Adnoc's XRG prepares for next phase of Azerbaijan gas development

thenationalnews.com · 3h · first reportShare

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 statement on Saturday. XRG's acquisition of the stake was first announced in 2023 . Socar and TotalEnergies each have a 35 per cent holding in the venture. The XRG announcement was made during the Azerbaijan International Investment Forum in the capital Baku. The company did not disclose the value of investments involved. The Caspian Sea field, where production is projected to begin in 2029, is expected to produce up to 600 million cubic feet (17 million cubic metres) of gas and 47,000 barrels of condensate a day, it said. Recoverable gas resources at Absheron are pegged at up to five trillion cubic fe