Azerbaijan, Baku, July 8 / Trend /
Daily gas production from the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea hits 18 million cubic meters, a source in oil and gas market said.
The source said gas is now extracted from three wells located on the field.
Over 8 million cubic meters of the total amount of gas produced from the field is exported. In particular, under a contract, daily 6 million cubic meters of gas is exported to Turkey, two million cubic meters to Georgia, the rest is transported to the pumping stations of the Baku-Tbilisi-Ceyhan oil pipeline, the source said.
Azerbaijan receives about 9mln cubic meters of gas from the field.
Peak production is forecasted at over 9 billion cubic meters of gas and 50,000 barrels of condensate per day. According to forecasts, within the second phase of the field's development gas production here may be increased to 25 billion cubic meters per year.
Shah Deniz reserves are estimated at an amount of 1.2 trillion cubic meters of gas.
The contract to develop the offshore Shah Deniz field was signed 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 percent.