Azerbaijan approves 2010 oil and gas forecasts
Azerbaijan, Baku, Jan. 25 / Trend S.Aliyev /
The Azerbaijani Industry and Energy Ministry finalized their forecasts on the country's fuel and energy balance for 2010, a source in the industry told Trend .
Based on the 2010 forecast, Azerbaijan is expected to produce 52.450 million tons of oil. The main output will fall to the Azerbaijani operating company producing oil from the Azeri-Chirag-Guneshli field.
Azerbaijan's gas production is expected to reach 28.5 billion cubic meters. This amount reflects SOCAR's gas production index produced from its own fields, the gas production index of foreign companies from the Shah Deniz gas condensate field, as well as volumes of associated gas produced from the Azeri-Chirag-Guneshli field, much of which is pumped into a reservoir to maintain pressure.
The Azeri-Chirag-Gunashli PSA was signed in September 1994. ACG participating interests are: BP (operator - 34.1 percent), Chevron (10.2 percent), SOCAR (10 percent), INPEX (10 percent), StatoilHydro (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), Devon (5.6 percent), ITOCHU (3.9 percent), and Delta Hess (2.7 percent). The project requires $20 billion.
The contract to develop the offshore Shah Deniz field was signed June 4, 1996. Shah Deniz participating interests are: ВР (operator - 25.5 percent), StatoilHydro (25.5 percent), SOCAR (10 percent), LukAgip (10 percent), NICO (10 percent), Total (10 percent), and TPAO (9 percent). Gas production from the field began in December 2006. Gas is transported to Georgia and Turkey through the South Caucasus gas pipeline. Azerbaijan also purchases the fuel.
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