Volumes of production at biggest gas field in Azerbaijan revealed (UPDATE)

Oil&Gas Materials 22 April 2019 11:54 (UTC +04:00)

Details added (first version posted on 11:29)

Baku, Azerbaijan, April 22

By Matanat Nasibova - Trend:

As of today, 104.2 billion cubic meters of gas and 25.1 million tons of condensate were produced at the Shah Deniz field in Azerbaijan, Energy Minister of Azerbaijan Parviz Shahbazov said, Trend reports April 22.

He announced these figures when speaking at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku. The minster also said that during this period, 69.7 billion cubic meters of gas produced at this field were exported.

In January-March this year, gas production in Azerbaijan increased by 25.1 percent compared to the same period last year reaching 9.1 billion cubic meters of gas, he noted. Gas exports for the same period increased by 26.6 percent amounting to 3.2 billion cubic meters of gas, Shahbazov added.

He said that 4.3 billion cubic meters of gas and 1 million tons of condensate accounted for the share of production at the Shah Deniz field.

The contract for the development of the Shah Deniz offshore field was signed on June 4, 1996. In accordance with the documents signed in Baku on December 17, 2013, the contract for the filed development was extended from 2036 to 2048, while the shares of SOCAR and BP (the project operator) in the project increased up to 16.7 percent and 28.8 percent respectively.

Share distribution among the parties to the agreement: BP (operator) -28.8 percent, AzSD - 10 percent, SGC Upstream - 6.7 percent, Petronas - 15.5 percent, Lukoil - 10 percent, NICO - 10 percent and TPAO -19 percent.

The proved reserves of the field reach 1.2 trillion cubic meters of gas and 240 million tons of condensate.