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OPEC: Azerbaijan ups gas export by 1.54 percent in 2010

Oil&Gas Materials 19 July 2011 18:39

Azerbaijan, Baku, July 19 /Trend, A. Badalova /

Gas exported by Azerbaijan in 2010 increased by 1.54 percent - up to 5.95 million cubic meters. The data are contained in the OPEC's annual statistical report, posted on the official website of the cartel.

According to OPEC, proven gas reserves in Azerbaijan as of late 2010 amounted to 1.31 trillion cubic meters.

According to OPEC, daily gas production in the country hit 18.22 million cubic meters last year.

Peak production is forecasted at over 9 billion cubic meters of gas. 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.

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