Capital expenditures on the "Shah Deniz" will grow twice in 2012
Azerbaijan, Baku, Feb.29 /Trend E.Ismayilov/
In 2012, we are planning to spend operating expenditure forecasted at $211.5 million and capital expenditure at $1,340 million on Shah Deniz activities, said in the report of BP published on Wednesday.
Operating expenditure amounted to $190.7 million and capital expenditure to $674.9 million in 20111.
In 2011, the field produced about 6.67 billion cubic meters of gas and 1.8 million tonnes (14 million barrels) of condensate or about 18.3 million cubic meters of gas per day and about 38,300 barrels of condensate per day.
Since the start of Shah Deniz production in late 2006 till the end of 2011 30 billion standard cubic meters of Shah Deniz gas, and 8 million tonnes of condensate was exported to the markets.
Production is expected to increase as new platform-drilled wells are brought on stream over the next few years. Plateau production from Stage 1 is currently expected to be approximately 9 billion cubic meters of gas per annum and approximately 50,000 b/d of condensate.
Gas reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 per cent, Statoil - 25.5 per cent, NICO - 10 per cent, Total - 10 per cent, LukAgip - 10 per cent, TPAO - nine per cent and SOCAR-10 per cent.