Azerbaijan, Baku, Nov. 26 / Trend E. Ismayilov /
As of 2012, eight billion cubic meters of gas will be extracted from the Azerbaijani offshore gas condensate field "Shah Deniz", SOCAR's first vice-president Khoshbakht Yusifzade told media today.
He said that the technical problems that have arisen in one of the extractive wells in the field, will not affect the final results of gas production from the field.
"This year, eight billion cubic meters of gas, and even more will be produced at the field," he said.
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.
Gas reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters.
Peak production from the field in the first stage of development is projected at nine billion cubic meters of gas.
It is predicted that in the second stage of field development, gas production can be brought up to 24 billion cubic meters a year.