Azerbaijan, Baku / Trend corr S. Aliyev / The State Oil Company of Azerbaijan Republic (SOCAR) confirmed the volume of reserves in Shah Deniz gas and condensate field comprising over 1.2trln cu m of gas and 240mln tons of condensate, a source at SOCAR quoted the First Deputy President of the company, academician Khoshbaxt Yusifzadeh.
The reserves were confirmed after drilling of the 4th exploratory well (SDX-4) in south-west of the field. Testing work in the field gave positive results.
Over 1mln cu m of gas and 300 tons of condensate was produced in the well in the upper part of Svita Pereriva.
Some 8.6bln cu m of gas a year and 45,000 barrels of oil per 24 hours will be produced during stable gas production within the framework of Phase- 1 in Shah Deniz. Within the framework of Phase-2 the production is planned to be increased to 20mln cu m of gas in 2007.
The contract on development of off-shore Shah Deniz field was signed on 4 June 1996. The sides to the contract are ВР (operator - 25.5%), Statoil (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).