Azerbaijan, Baku, March 2 / Trend /
The State Oil Company of Azerbaijan (SOCAR) and partners on the project of the development of the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea signed an agreement to extend the contract term on this field until 2036, BP said.
The validity term of the previous contract was until 2031.
According to the information, the contract was signed in December 2010.
This contract will create conditions to ensure long-term contracts on gas supply, the report said.
During 2010 the Shah Deniz field produced about 6.9 billion cubic meters (14.7 million barrels) of condensate or about 19 million cubic meters of gas per day and about 40,200 barrels of condensate per day.
In 2009, gas production from the Shah Deniz field hit 6.2 billion cubic meters of gas (on average, 16.9 million cubic meters per day) and 1.7 million tons of condensate.
Since the start of Shah Deniz production in late 2006 till the end of 2010 about 49.7 million barrels (about 6.3 million tons) of condensate was exported to world markets.
Peak production is forecast at over 8.6-9 billion cubic meters. Gas production may be brought up to 25 billion cubic meters per year under the second stage of development.
The field's reserves are estimated at 1.2 trillion cubic meters during the first stage.
The contract to develop Shah Deniz was signed June 4, 1996. Participants 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.