Azerbaijan, Baku, June 9/ Trend, A. Badalova /
A project of full-scale development of the Shah Deniz gas field will turn Azerbaijan into a leading international gas supplier, President of BP Azerbaijan Rashid Javanshir said at the 18th International Caspian Oil and Gas, Refining & Petrochemicals Exhibition and Conference in Baku on Wednesday.
He said that the project is being implemented according to a designated time.
"We are confident that the project will be implemented in time (in early 2017)," Javanshir said.
He underscored that the total investments in this project are estimated at $20 billion. Full-scale development of the Shah Deniz field implies the construction of two new platforms, 26 underwater wells and the construction of a 500 kilometer underwater pipeline at the depth of 550 meters.
Investments for the first stage of the field's development hit $4 billion.
Some 26 billion cubic meters of gas and about 54.5 million barrels of condensate gas have been produced by late May 2011since the beginning of production on the Shah Deniz field in 2006.
Peak production is forecasted at over 9 billion cubic meters of gas and 50,000 barrels of condensate per day.
According to the forecasts, the volume of gas production, to begin in 2017, will increase by 16 billion cubic meters per year during the second stage of field development. Six billion of these volumes are intended for Turkey and 10 billion for export to other directions.
Shah Deniz reserves are estimated at an amount of 1.2 trillion cubic meters of gas.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent and SOCAR-10 percent.
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