The French oil and gas company TotalEnergies has inaugurated the Absheron gas field, located offshore south-eastern Azerbaijan. The first development phase of the field started production in early July 2023 and is currently producing 1.5 bcm/year. The second development phase, currently under development, will increase the field's production to 5.5 bcm/year, in line with Azerbaijan's ambition to supply natural gas to the European market.
TotalEnergies is present in Azerbaijan since 1996, where it currently holds a 5% stake in the Baku-Tbilisi-Ceyhan pipeline and will own a 35% stake in the Absheron gas and condensate field. The French company also signed a Memorandum of Understanding in June 2023 to assess and develop 500 MW of renewable wind and solar energies, as well as energy storage systems for the Azeri national grid.
As of end-2022, Azerbaijan had proved gas reserves reaching 1,917 bcm. The country produced about 33 bcm of natural gas in 2021.