Azerbaijan, Baku, Feb. 2 / Trend E. Ismayilov /
About 28.28 billion cubic meters of gas will be extracted in Azerbaijan this year compared to 25.5 billion cubic meters in 2011, SOCAR VP Khoshbakht Yusifzadeh said in an interview with the Respublica newspaper today.
He said 13.1 billion cubic meters of the total volume of gas, which is expected to be produced in Azerbaijan this year, will fall to Azeri-Chirag-Guneshli (ACG), 8 billion cubic meters to Shah Deniz and 7.18 billion cubic meters to SOCAR.
About 11.7 billion cubic meters of the total volume of gas extracted in 2011 fall to the ACG fields and 6.7 billion cubic meters to Shah Deniz. SOCAR produced 7.1 billion cubic meters last year.
He said the proven gas reserves in Azerbaijan today are 2.55 trillion cubic meters, and the projected reserves 3.45 trillion cubic meters.
The field's reserves are estimated at 1.2 trillion cubic meters during the first stage.
The Shah Deniz field's gas reserves are estimated at 1.2 billion 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.
The contract to develop a large offshore field Azeri-Chirag-Guneshli was signed in 1994.
Participants to develop Azeri-Chirag-Guneshli are: BP (operator - 35.83 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (11.6 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and Hess (2.72 percent).