Baku, Azerbaijan, Nov.16
By Emil Ismayilov - Trend:
The average daily volume of gas production at Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea has reached 28 million cubic meters, a source at the State Oil Company of Azerbaijan told Trend on Nov.14.
The contract for development of the Shah Deniz offshore field, which has proven reserve of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.
"Gas is produced from six wells at the field and the volume of gas production is equal to 28 million cubic meters," the source said.
The previous data said that the average daily volume of gas production at Shah Deniz field was equal to 27-27.5 million cubic meters.
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.
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.
About 9.8 billion cubic meters of gas and 2.48 million metric tons of condensate (19.6 million barrels) were 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 transactions on the sale and purchase of the shares haven't been completed yet.
If initially, the peak production volume under the first phase of development of the field was planned at the level of nine billion cubic meters, currently work is underway on increasing this figure to 10.4 billion cubic meters.