Baku, Azerbaijan, Dec.17
By Emil Ismayilov - Trend:
The partners for the development of Azerbaijani gas condensate field Shah Deniz are considering the possibility of implementing the third stage of field development, a message from British BP (operator of the project) said on Dec.17.
We can talk about it on the basis of the results obtained after the drilling of an exploration well at the field in 2007 (the deepest one drilled to date in the Caspian Sea), according to the BP message.
"The discovery of a new productive reservoir predicts a great future of the field after the implementation of the second stage of its development," BP said.
But taking into account the high pressure, it will be necessary to use new technologies and exploration work for the development of these reserves.
The primary geological reserves of gas reservoirs developed within the first and second phases of the field, amount to 0.9 trillion cubic meters. But there are reservoirs of small and deep bedding, which may increase the geological gas reserves of the field to 1.4 trillion cubic meters, the BP message said.
The proven reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.
The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.
Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, SOCAR - 16.7 percent.
The final investment decision on Shah Deniz-2 project was adopted in Baku on Dec.17. The gas within the second stage of development of the field will be exported to Europe through the expansion of the South Caucasus gas pipeline and construction of the Trans-Anatolian and Trans-Adriatic pipelines.
Within the second phase of development it is planned to produce some 16 billion cubic meters of gas, six billion of which will be transported to Turkey and ten billion to Europe.
Translated by L.Z.
Edited by C.N.