TotalEnergies, Socar, XRG Kickstart Phase Two of Gas Development in Caspian Sea

02:36 AM EDT, 09/27/2026 (MT Newswires) -- TotalEnergies (TTE.PA, TTE.L), Azerbaijan's state oil company Socar, and Abu Dhabi National Oil Co., or Adnoc's, international energy investment business XRG launched the second phase of a gas development project in the Caspian Sea after taking a final investment decision. The French energy company is the operator of the Absheron Full Field development with a 35% stake, while Socar and XRG own 35% and 30%, respectively, according to a Sept. 26 release. Offshore Azerbaijan, production of the second phase of the gas-condensate field is expected to begin in 2029, raising overall field production to 6 billion cubic meters per annum and 47,000 barrels per day of condensate.