Today's Edition
BAKU (ALETIHAD)
XRG has announced the ''Final Investment Decision' for the next phase of the Absheron offshore gas and condensate field development, where XRG holds a 30% equity interest.
The milestone reinforces XRG’s commitment to Azerbaijan, builds on the special relationship between the UAE and Azerbaijan, and advances the company's ambition to develop a resilient, diversified international gas portfolio that delivers long-term value.
Located in the Caspian Sea, the Absheron expansion is expected to unlock up to 5 trillion cubic feet of recoverable gas resources. Production is expected to start-up in 2029, with output rising to 600 million cubic feet of gas per day and 47,000 barrels of condensate per day.
The project builds on the first phase of Absheron, which began production in 2023, and marks the next step in bringing one of the Caspian Sea's largest gas discoveries into wider production. It complements XRG's existing investment in the Southern Gas Corridor, linking major Caspian resources with established export routes and growing customer demand.
Mohamed Al Aryani, President, International Gas at XRG, said, "Under the vision of Azerbaijan's leadership, the country has strengthened its position as a critical bridge between Caspian resources and international markets, and we are proud to support that progress."
"Azerbaijan is a core country for XRG, and SOCAR is one of our most strategic partners. Together with SOCAR and TotalEnergies, we are investing in world-class resources and infrastructure that support energy security, create economic value and drive long-term growth."
XRG's Azerbaijan portfolio extends beyond individual assets and is designed to create a fully integrated gas platform.
The company's investments include a 30% interest in the Absheron gas and condensate field and is a partner in the Southern Gas Corridor, the strategically important 3,500 kilometer pipeline network connecting Azerbaijan with Türkiye, Southern Europe and more than 15 European countries.
These investments provide critical route to market access for current and future Caspian gas supplies and reinforce the region's role in supporting long-term energy security.
Across the Caspian Sea, XRG also holds a 38% participating interest in Turkmenistan's offshore Block I concession.
As part of its long-term commitment to Azerbaijan, XRG is also supporting education and skills development through a scholarship program. The initiative will help broaden opportunities for Azerbaijani students and strengthen people-to-people links between the UAE and Azerbaijan.
