Baku, Azerbaijan, Oct.29
By Seymur Aliyev - Trend:
The total volume of expenditures on the implementation of the first stage of development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea stands at $11.4 billion, BP company's regional president for Azerbaijan, Georgia and Turkey Gordon Birrell told reporters on Oct.29.
BP is the technical operator of the development of the Shah Deniz field.
Birrell said currently, the seventh production well is being drilled as part of the Shah Deniz-1 project.
Around 7.25 billion cubic meters of gas and 1.7 million metric tons of condensate were produced at the Shah Deniz field as of first nine months of 2014.
Birrell said the volume of gas production is expected to exceed 9 billion cubic meters, while the volume of gas condensate production will exceed the forecast 2.6 million metric tons, according to the forecasts for late 2014.
The reserve of the Shah Deniz field is estimated at 1.2 trillion cubic meters of gas. The contract for the development of the Shah Deniz field was signed on June 4, 1996.
About 9.8 billion cubic meters of gas and 2.48 million metric tons of condensate (19.6 million barrels) was produced at the Shah Deniz field in 2013, compared to 7.73 billion cubic meters of gas and 2 million metric tons of condensate in 2012.
The shareholders are: BP, operator (28.8 percent), Statoil (15.5 percent), NICO (10 percent), Total (10 percent), Lukoil (10 percent), TPAO (9 percent) and SOCAR (16.7 percent). These percentages include the recent purchases of equity from Statoil by BP and SOCAR.
Earlier, Total has entered into an agreement to sell its interest in Shah Deniz to TPAO. After the transaction is over, the share of the latter in the project will be 19 percent.
Moreover, Norway's Statoil company has sold its 15.5-percent share in the Shah Deniz project to the Malaysian oil and gas company Petronas. The transaction is expected to be closed early 2015, subject to approval from the relevant authorities.
...