SOFAZ announce Shah Deniz revenues

Oil&Gas Materials 19 July 2011 17:31 (UTC +04:00)

Azerbaijan, Baku, July 19 / Trend E.Ismayilov /

The State Oil Fund of Azerbaijan (SOFAZ) has received $755.7 million from a project to develop the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea since its launch.

"To date, the fund received 755.7 million on the Shah Deniz project since its start in 2007," the fund said.

Peak production from the Shah Deniz project 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 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.