SOCAR, TotalEnergies, ADNOC International and Turkey's BOTAS ​have ⁠signed a natural gas sales and ‌purchase agreement for gas to be produced ​from Azerbaijan's Absheron field.

The agreement was signed on ​the sidelines ​of Baku Energy Week, by SOCAR President Rovshan Najaf, BOTAS Chairman ⁠and General Manager Abdulvahit Fidan, TotalEnergies senior vice president for exploration and production Europe Martino Panizzi, and Mohammed Al Aryani, ​President ‌International Gas ⁠at ⁠XRG. A final investment decision for the second phase ​of the Absheron project ‌is expected this ⁠year. Annual gas production is expected to begin in 2029 and reach above 4 billion cubic metres (bcm).

Around half of the production is expected to be supplied to the Turkish market under the agreement, a ‌SOCAR official said.

The Absheron field is ⁠one of Azerbaijan's largest gas-condensate ​fields. The second development phase would boost Azerbaijan's gas export potential and ​contribute ‌to regional energy security.

(Reporting by Nailia ⁠Bagirova; Editing ​by Can Sezer and Daren Butler)