TotalEnergies CEO discusses full-scale development of Absheron, Caspian renewables projects in Baku

BAKU. Nov 18 (Interfax) - TotalEnergies CEO Patrick Pouyanne and Azerbaijani Energy Minister Parviz Shahbazov discussed the current state of joint projects and opportunities to implement new ones on Friday.

"In particular, they discussed the work done on the project for the full-scale development of the Absheron deposit. An exchange of opinions on implementing export-oriented solar and wind projects with a total capacity of 500 MW also took place," the Azerbaijani Energy Ministry said.

During a meeting with Azerbaijani Economy Minister Mikayil Jabbarov, Pouyanne said that TotalEnergies is interested in taking part in renewable energy projects in the Caspian region, the Economy Ministry said.

"An exchange of opinions also took place on the possibility of expanding cooperation to intensively develop green energy in Azerbaijan," it said.

As reported, in July 2023 TotalEnergies and State Oil Company of the Azerbaijani Republic (SOCAR) announced that production had been launched for the first phase of developing the Absheron gas condensate deposit. Production of gas and condensate is currently being carried out as part of the first phase. Production of the first gas as part of the deposit's full-scale development is scheduled for 2029, SOCAR said.

The sides initially held an equal share in the project. The UAE's Abu Dhabi National Oil Co acquired a 15% share in August 2023.

The Absheron block is located 100 km from Baku at a depth of 500 meters. Joint Operating Company of Absheron Petroleum B.V. is developing the field. The contract has been signed for a period of 30 years, with a contract area of 747 square km. An initial estimate put the field's reserves at 350 bcm of gas and 100 million tonnes of condensate.