Details added (first version posted on 10:48)
Baku, Azerbaijan, Oct. 12
By Anvar Mammadov - Trend:
Azerbaijan is well-known worldwide as a reliable energy supplier, Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR, said.
Abdullayev made the remarks at the Argus Azerbaijan International Petroleum Summit 2017 in Baku Oct. 12.
He added that the country is a reliable energy supplier of both oil and gas.
"The projects implemented by SOCAR have become an integral part of the world economy," Abdullayev said.
He also spoke about Azerbaijan’s biggest projects in oil and gas production.
"We managed to achieve stable production at 9 billion cubic meters of gas per year at the Azerbaijani Shah Deniz field,” he said. “The production will increase by 16 billion cubic meters of gas as part of the Stage 2 of the field development. All segments of the South Gas Corridor project are being implemented on schedule."
The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
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.
Abdullayev also stressed that a new contract on development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields signed in Baku in September implying more favorable conditions for Azerbaijan proved once again the strength of the country's economy.
"When the first contract was signed in 1994, the ACG reserves were estimated at 510 million tons,” he said. “But it has been revealed over the past 20 years that more than 550 million tons of reserves are available besides the extracted oil."
The contract for developing the ACG field was signed in 1994. The proven oil reserves of the block near 1 billion tons.
The shareholders of the project are BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (SOCAR) (11.65 percent), Statoil (8.55 percent), ExxonMobil (8 percent), TP (6.75 percent), Itochu (4.3 percent) and ONGC Videsh Limited (OVL) (2.72 percent).
The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.
Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 percent; Chevron - 9.57 percent; Inpex - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; Itochu - 3.65 percent; and ONGC Videsh Limited (OVL) - 2.31 percent.