Azerbaijan to increase oil and gas production in 2010
Azerbaijan, Baku, January 9/ Trend , E.Ismailov /
The volume of oil production in Azerbaijan in 2010 is projected at 52 million tons compared to 51 million tons in 2009, a source in oil and gas industry said.
"This year, the production volume will be higher than last year and is projected at 52.45 million tons," said the source.
Large part of oil production in Azerbaijan falls on block of Azeri-Chirag-Guneshli (ACG) offshore oil and gas fields, located in the Azerbaijan sector of the Caspian Sea. The block is being developed by the Azerbaijan International Operating Company, which includes SOCAR (State Oil Company of Azerbaijan), together with its foreign partners.
Shareholders of the Azeri-Chirag-Guneshli development project are: BP (operator - 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).
Also SOCAR independently develops other onshore and offshore fields in Azerbaijan. Regarding the gas production in Azerbaijan, the source said that in 2010 the country will produce 28.5 billion cubic meters as compared to about 25 billion cubic meters in 2009.
The contract to develop 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, SOCAR - 10 per cent.