SOCAR reveals oil, gas export volume
Baku, Azerbaijan, Aug. 29
By Azad Hasanli – Trend:
Some 5.5 billion cubic meters of gas have been exported from Azerbaijan to Georgia and 41 billion cubic meters of gas to Turkey via the South Caucasus Pipeline until now, First Vice-President of the Azerbaijani state oil company SOCAR Khoshbakht Yusifzade said.
He made the remarks at the First International Association for Energy Economics (IAEE) Eurasian Conference being held in Baku, Azerbaijan, Aug. 29.
He said that Georgia daily receives 1.6 million cubic meters of gas and Turkey - 16.8 million cubic meters of gas within the first stage of Azerbaijani Shah Deniz gas condensate field’s development.
“At present, some 29 million cubic meters of gas and more than 7,000 tons of condensate are daily produced at eight wells at the Shah Deniz field,” said the first vice-president of SOCAR. “In total, some 74 billion cubic meters of gas and 19 million tons of condensate have been produced at the Shah Deniz.”
As of August 1, 2016, Azerbaijan supplied 422 million tons of oil to the global market, 307 million tons of which were exported via the Baku-Tbilisi-Ceyhan oil pipeline, he added.
Yusifzade also spoke about oil production at other fields of Azerbaijan.
“As of August 1, 2016, some 404.1 million tons of oil and 123 billion cubic meters of associated gas have been produced at the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea,” he said. “Monthly production volume is 2.8 million tons of oil and more than one billion cubic meters of gas.”
“Of the total volume of oil produced at the ACG, 224 million tons fall on the share of Azerbaijan’s profit oil,” Yusifzade said. “The volume of profit oil is growing from year to year. Of 19.6 million tons of oil sold during the first seven months of 2016 on the global markets, 11.5 million tons or 57.2 percent fall on the share of Azerbaijan’s profit oil.”
Currently, the total proven oil reserves in Azerbaijan account to nearly two billion tons, the proven reserves of gas - 2.6 trillion cubic meters and projected volumes amount to nearly 5.4 trillion cubic meters of gas and 4.5 billion tons of oil.
The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.
The shareholders of the Shah Deniz 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.