SOCAR determines term for gas extraction from Shah-Deniz-2
Azerbaijan, Baku, September 24 / Trend E. Ismayilov /
The first gas from the second stage of the gas condensate field can be obtained in 2015-2016, SOCAR first vice-president on geology, geophysics and mining Khoshbakht Yusifzade said.
SOCAR head Rovnag Abdullayev said that the operations completed to determine the concept of developing Shah Deniz-2. It is assumed that wells with subsea equipment will be used during the production process.
The reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.
Now gas is transported to Georgia and Turkey via the South Caucasus gas pipeline.
The contract to develop Shah Deniz was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil Hydro - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, and SOCAR - 10 percent.
It is planned to extract 7,84 billion cubic meters of gas in this field this year.
Peak production is expected to hit 8,6-9 billion cubic meters during the first stage, which is already underway. Implementation of the second stage of the project will increase annual production from the field up to 25 billion cubic meters.