The State Oil Company of the Azerbaijan Republic is preparing a program for development of the Absheron gas condensate field in the Caspian Sea. SOCAR Head Rovnag Abdullayev said that the program will be presented to the board by the end of the year.
About 5 billion cubic meters of gas will be extracted at the field annually.
Absheron was discovered in September 2011. It has about 350 billion cubic meters of gas and 45 million tons of condensate. 40% of shares of the consortium developing the field belong to the SOCAR, 40% to Total, 20% to Gaz De France Suez.
