BP increases gas production in Azerbaijan

Baku, Azerbaijan, Feb.19
By Maksim Tsurkov - Trend:

Around 9.9 billion cubic meters of gas and 2.3 million metric tons of condensate (18.7 million barrels) was produced at Azerbaijan's Shah Deniz gas and condensate field in 2014, compared to 9.8 billion cubic meters of gas and 2.48 million metric tons of condensate (19.6 million barrels) in 2013, BP said in its report on the results of the operating activity in Azerbaijan in 2014.

During 2014, the existing Shah Deniz facilities were further de-bottlenecked which increased their production capacity from 27.3 million cubic meters to 29.5 million cubic meters of gas per day, according to the report.

About 9.8 billion cubic meters of gas and 2.48 million metric tons of condensate (19.6 million barrels) were produced at the Shah Deniz field in 2013, compared to 7.73 billion cubic meters of gas and 2 million metric tons of condensate in 2012.

The operating expenditures within the project neared $400 million, while the capital expenditures were around $3.9 billion in 2014, the majority of which was associated with the Shah Deniz Stage 2 project.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.

The shareholders are: BP, operator (28.8 percent), Statoil (15.5 percent), NICO (10 percent), Total (10 percent), Lukoil (10 percent), TPAO (9 percent) and SOCAR (16.7 percent). These percentages include the recent purchases of equity from Statoil by BP and SOCAR.

Earlier, Total entered into an agreement to sell its interest in Shah Deniz to TPAO. After the transaction is over, the share of the latter in the project will be 19 percent.

A final investment decision was made on Dec.17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. It envisages the production of additional 16 billion cubic meters of gas per year.

If initially the peak production volume under the first phase of development of the field was planned at the level of nine billion cubic meters, currently work is underway to increase this figure to 10.4 billion cubic meters.

The cost of the second stage of the Shah Deniz field's development is estimated at $ 28 billion.
Edited by SI
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Follow the author on Twitter: @MaksimTsurkov

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