Azerbaijan to increase oil production
Azerbaijan, Baku, Feb.2 /Trend E.Ismayilov/
Azerbaijan will produce 45.45 mln. tons of oil in 2012 compared to about 45.3 mln in 2011, SOCAR VP Khoshbakht Yusifzadeh said in an interview with the Republic newspaper on Thursday.
Yusifzadeh noted that 37.1 million tons of oil from the total volume expected to be produced this year will account for crude oil and condensate produced with foreign companies. The remaining 8.35 million tons will be produced independently by SOCAR.
Some 36.9 million tons from the total oil produced in Azerbaijan in 2011 account for oil and condensate from Azeri-Chirag-Guneshli and Shah Deniz fields. SOCAR produced 8.4 million tons of oil in 2011.
The proven oil reserves in Azerbaijan are 2 billion tons, Yusifzade said.
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).