BAKU, Azerbaijan, January 6. The final investment decision (FID) on the full-scale development of the Absheron field in the Caspian Sea may be made by the end of 2024, TurkicWorld reports referring to an informed source.

The source said that the State Oil Company of Azerbaijan (SOCAR), TotalEnergies, and Abu Dhabi National Oil Company (ADNOC) held intensive consultations to expedite the FID next year.

"In case the FID is made by the end of 2024, the first gas from the full-scale development of Absheron can be obtained in 2028," the source noted.

Full-scale production at Absheron involves extracting five to six billion cubic meters of gas per year, according to the source.

"The full-scale development consultations involve not only the timelines but also the gas sales markets," the source explained.

Besides, the source mentioned that next year it's planned for Absheron to reach the peak production of Phase 1 development, which is 1.5 billion cubic meters of gas per year.

Production of gas within the first phase of the development of Absheron started on July 10, 2023, and this year over 700 million cubic meters of gas can be obtained from this field.

The Absheron field is located 100 km from Baku at a depth of 500 meters in the Azerbaijani sector of the Caspian Sea.

According to initial estimates, the field's reserves amount to 350 billion cubic meters of gas and 100 million tons of condensate, but in July 2023, President of the Republic of Azerbaijan Ilham Aliyev stated that Absheron's resources could be greater.

Participants in the Absheron project are SOCAR (35 percent), TotalEnergies (35 percent), and ADNOC (30 percent).