Baku, Azerbaijan, Sept. 10
By Emil Ismayilov - Trend:
As of September 1, 2014, around 55 billion cubic meters of gas were extracted from Shah Deniz gas-condensate field in the Azerbaijani sector of the Caspian Sea since the beginning of extraction, SOCAR first vice-president Khoshbakht Yusifzade said at the international conference "Caspian shelf" in Baku Sept. 9.
"Around 14 million metric tons of gas condensate were extracted from the field for this period," he said.
The contract for development of the Shah Deniz offshore field with proven reserves of 1.2 trillion cubic meters of gas was signed on June 4, 1996.
The shareholders are: BP, operator (28.8 per cent), SOCAR (16.7 per cent), Statoil (15.5 per cent), Total (10 per cent), Lukoil (10 per cent), NICO (10 per cent) and TPAO (9 per cent).
These percentages include the recent purchases of equity from Statoil by BP and SOCAR. Total has entered into an agreement to sell its 10 percent interest in Shah Deniz to TPAO.
After the transaction is over, the share of the latter in the project will be 19 percent.
The final investment decision was made on the second phase of the Azerbaijani Shah Deniz offshore gas and condensate field's development on December 17, 2013, which envisages additional 16 billion cubic meters of gas per year.
The gas as part of the second stage of the field development will be exported to Turkey and the European markets by expanding the South Caucasus gas pipeline and the construction of the Trans-Anatolian (TANAP) and the Trans-Adriatic (TAP) gas pipelines.
"The proven gas reserves hit 2.3 trillion cubic meters in Azerbaijan, but given the projected reserves, this figure can reach six trillion cubic meters," he said.
The projected reserves of only five perspective offshore blocks and structures "Babak", "Nakhchivan", "Zafar-Mashal", "Araz-Alov-Sharq" and "Shafaq-Asiman" make up 2.2 trillion cubic meters," he added.