Forecast volumes of oil and gas production announced in Azerbaijan in 2012
Azerbaijan, Baku, Sept. 27 / Trend E.Ismayilov /
According to the forecasts, around 45-47 million tons of oil will be extracted in Azerbaijan in 2012, head of the Azerbaijani Ministry of Industry and Energy's office Rasim Mammadov told media today.
He said that the volume of gas production is forecast at 27 and more billion cubic meters.
Concerning the issues of reducing the volume of oil production in Azerbaijan, Mammadov said that in accordance with the contract on the block of the Azeri-Chirag-Guneshli fields (ACG), 2011 was a peak year in terms of production. Therefore, the reduction, as well as further stabilisation of production, is envisaged in advance.
He added that the Chirag oil project implementation will stabilise oil production volumes at ACG.
He also stressed that discovering such new fields in Azerbaijan as Umid and Absheron will ensure a stable level of hydrocarbon production in the future.
The Chirag oil project involves the construction of the new West Chirag platform which will be installed at a depth of 170 metres between the Chirag and Gunashli production platforms. Investment in Chirag oil project will amount to $6 billion.
Outstripping drilling under the project should start in the first half of 2013. Drilling will be implemented from the Dede Gorgud rig. Production from the platform is expected to begin from late 2013.
In total, over 300 million barrels of oil are expected to be produced within the project until the end of the ACG contract 2024.
The contract to develop the major Azeri-Chirag-Guneshli offshore oilfield was signed in 1994.
ACG participating interests are BP with 35.78 per cent, Chevron - 11.27, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, ТРАО - 6.75 per cent, Itocu - 4.3 per cent and Hess - 2.72 per cent.