Baku: A final investment decision on the full-scale development of the Absheron field is expected to be made in the coming months, according to Tolga Demir, Country Manager of XRG in Azerbaijan. He made this announcement during a session titled 'Gas Markets: Infrastructure, Strategy and Geopolitics' at the Baku Energy Forum, APA-Economics reports.

According to Azeri-Press News Agency, XRG is on the brink of completing the acquisition of a 12.5% stake in the Southern Gas Corridor. Tolga Demir emphasized that expanding activities in Azerbaijan's energy sector is a strategic move for the company, with the Absheron field being a crucial element of this expansion strategy.

During the initial phase of the Absheron project, the collaboration between XRG, SOCAR, and TotalEnergies has resulted in the daily production of approximately 4 million cubic meters of gas and 12,000 barrels of condensate. Demir mentioned that the final investment decision on expanding the field's development is anticipated soon.

Tolga Demir highlighted the company's target for the first gas output in August 2029. He also pointed out the significance of the Caspian region as a strategic hub within XRG's international gas portfolio and reinforced SOCAR's role as a long-term strategic partner.