Azerbaijan, Baku, Nov.16 / Trend, E. Ismayilov /
Gas production in Azerbaijan is expected to reach 50 billion cubic meters a year by 2025, adviser to the president of the State Oil Company of Azerbaijan (SOCAR) Murad Heydarov said at the conference "European Perspectives on Caspian energy" on Wednesday.
The conference is held by the Centre for Strategic Studies under the Azerbaijani President, French International Relations Institute and SOCAR.
Heydarov said production of the first gas from the Azerbaijani "Shah Deniz" gas condensate field is expected in 2017-1018. At the same time, 4 billion cubic meters of gas is supposed to be produced from the field at the initial phase.
Total reserves of field Shah Deniz are estimated at 1.2 trillion cubic meters.
The Shah Deniz Production Sharing Agreement (PSA) was signed on June 4, 1996. The Shah Deniz shareholders are BP- 25.5 percent as operator, Statoil-25.5 percent, SOCAR-10 percent, NICO-10 percent, Total-10 percent, LUKoil-10 percent, and TPAO-9 percent.