The investment decision for the second phase of the development project of the “Absheron” gas-condensate field in the Caspian Sea will be made next year, SOCAR Vice President Babek Huseynov told journalists, APA-Economics reports.
According to him, work is ongoing within the framework of the project, and the final investment decision for the next phase will be made next year.
It should be noted that the draft law “On the State Budget of the Republic of Azerbaijan for 2026” reflects that from 2029, an increase in oil and gas production in Azerbaijan is expected, with the main source of this growth being the full-scale development of the Absheron gas-condensate field.
According to forecasts, in 2025, oil production in the country will decrease from 28.6 million tons to 27.6 million tons in 2026, 27.1 million tons in 2027, and 26.6 million tons in 2028. The commissioning of the second phase of the Absheron field, however, will increase oil production to 27.4 million tons in 2029. This means an increase of 0.8 million tons, or 3 percent, compared to 2028.
According to the document, a similar dynamics will be observed in gas production. In 2025, gas production in Azerbaijan is expected to be 38 billion cubic meters, 36.7 billion cubic meters in 2026, 36.7 billion cubic meters in 2027, and 34.5 billion cubic meters in 2028.
With the comissioning of the Absheron field, gas production is projected to reach 37 billion cubic meters in 2029. This represents an increase of 2.5 billion cubic meters, or 7.2 percent, compared to 2028.
