BAKU, Azerbaijan, Jan.26. bp hopes that the production at Shah Deniz gas and condensate field offshore Azerbaijan will reach plateau in production this year, bp Vice President for the Caspian region, Communications and External Affairs Bakhtiyar Aslanbeyli told reporters Jan.26.
“Shah Deniz exceeded the forecasted production last year with new technologies, changes in the work plan and well productivity. However, it didn’t reach the plateau. We will be ramping up production. The effectiveness of operations is 99 percent. Last year, we exceeded the yearly production plan when the prices were high, which means additional revenues both for the investors and Azerbaijan,” he said.
Aslanbeyli noted that this trend will continue this year as well.
“Hopefully, we will be able to keep the growth rate in production and reach the peak this year,” he added.
Shah Deniz produced 25.2 billion cubic meters of gas as of 2022, according to Azerbaijan's energy ministry.
The proven reserves of Shah Deniz are estimated at 1.2 trillion cubic meters of gas and 240 million tons of condensate.
Shah Deniz participating interests are: bp (operator – 29.99%), LUKOIL (19.99%), TPAO (19.00%), SOCAR (14.35%), NICO (10.00%) and SGC (6.67%).
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