Baku, Azerbaijan, August 22
By Azad Hasanli – Trend:
Some 74 billion cubic meters (bcm) of gas and 19 million tons of condensate have been extracted since the beginning of operation at the Azerbaijani Shah Deniz gas condensate field, said Khoshbakht Yusifzade, first vice president of Azerbaijan's state oil company (SOCAR).
Yusifzade made the remarks at the opening of SOCAR Summer School in Baku Aug. 22.
He added that the reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas and 240 million tons of condensate.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996.
The shareholders in the contract are BP (operator - 28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.
Shah Deniz Stage 2 will add a further 16 billion cubic meters per year (bcma) of gas production to the approximately 9 bcma produced by Shah Deniz Stage 1.
The official exchange rate is 1.6204 AZN/USD.