BAKU, Azerbaijan, Feb.15
By Leman Zeynalova – Trend:
The volume of condensate production at Azerbaijan’s Shah Deniz field stood at 4.2 million tons in 2021, which is 133,000 tons, or 3.3 percent more than the forecast volume, Trend reports with reference to Azerbaijan’s energy ministry.
This is while Azeri-Chirag-Gunashli block produced 22.5 million tons of oil, which is 1.528 million tons or 6.4 percent below the forecasts for 2021.
The volume of oil and condensate production by Azerbaijan’s state oil company SOCAR amounted to 7.9 million tons, which is 351,000 tons or 4.7 percent more than the predicted volume.
The country produced a total of 34.6 million tons of oil and condensate in 2021, which is 1.044 million tons or 2.9 percent less than the forecasts. This figure is 33,000 tons more as compared to 2020.
In 2021, Shah Deniz celebrated the 25th anniversary since the signing of the Shah Deniz Production Sharing Agreement (PSA). The PSA was signed on 4 June 1996 between SOCAR and a consortium of foreign companies. It was ratified by the Milli Majlis and became effective on 17 October the same year. The project is the second after ACG largest foreign direct investment made in Azerbaijan and as such it has further strengthened the country’s economy. The Shah Deniz 25th anniversary marked an important milestone in the new history of Azerbaijan’s oil and gas industry.
Shah Deniz participating interests are: bp (operator – 28.83%), TPAO (19.0%), PETRONAS (15.5%), AzSD (10.0%), LUKOIL (10.0%), NICO (10.0%) and SGC Upstream (6.67%).
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