SOCAR expects final investment decision on phase 2 of Absheron project by year's end

BAKU. June 5 (Interfax) - The final investment decision on the second phase of the development of the Absheron field in Azerbaijan's sector of the Caspian Sea might be made before the end of this year, the vice president of the State Oil Company of Azerbaijan Republic (SOCAR), Babak Huseynov said.

"The final decision on the second phase of the development of the Absheron field is expected next year, but we are trying to have it made this year already," Huseynov told reporters on Tuesday.

He said the company expects to produce gas under the second phase within the planned timeframe. "We are working very closely with Total in order to meet the set timeline for obtaining the first gas and Total understands is responsibility," Huseynov said.

He also said that having the Abu Dhabi National Oil Company (ADNOC) join the Absheron project has been a "great support" for the SOCAR.