BAKU, Azerbaijan, June 6
Fidan Babayeva - Trend:
When Shah Deniz reaches its peak production, it will provide enough new natural gas to meet the needs of every capital city along the Southern Gas Corridor – more than twice over, Trend reports during the outgoing week with reference to BP.
During the first quarter of 2021, the Shah Deniz field continued to provide deliveries of gas to markets in Azerbaijan (to SOCAR), Georgia (to GOGC and SOCAR), Turkey (to BOTAS) and to BTC Company in multiple locations. Gas deliveries to buyers in Europe that started on 31 December 2020 also continued during the first quarter of 2021.
The existing Shah Deniz facilities’ production capacity is currently over 58 million standard cubic metres of gas per day or more than 21 bcma.
During the outgoing week, BP announced the volume of gas exported from Shah Deniz via South Caucasus Pipeline (SCP).
Around 96 billion cubic meters of Shah Deniz gas have been exported through SCP since the launch of the pipeline in 2006.
A total of 32 wells – 11 on Shah Deniz 1 and 21 on Shah Deniz 2 - have been drilled on Shah Deniz as June 4.
Out of them, 19 wells are currently producing.
"Shah Deniz wells are among bp’s most productive wells. The current top producer Shah Deniz well produces 36,000 barrels of oil equivalent per day," said the company.
The investment strategy of Azerbaijan’s State Oil Fund (SOFAZ) may be changed in the medium term taking into account the fundamental factors, macroeconomic situation, the latest global market tendencies, SOFAZ said during the outgoing week.
SOFAZ noted that changes in risk tolerance and target profitability indicators may also trigger revision of its investment strategy.
"In order to reach long-term goals, SOFAZ conducts its investment activity in accordance with the Strategic Asset Allocation. This widespread strategy primarily envisages portfolio diversification aimed at reducing the risks, namely investment portfolio volatility and increasing the profitability.
-----
Follow the author on Twitter: @Fidan_Babaeva