Over $15bn invested in oil industry of Azerbaijan
Over $15bn foreign investment has been put in development of the oil industry infrastructure so far, Trend reports quoting Idris Rzabayov, the head of the Department for Fuel and Energy Operations of the Azerbaijani Industry and Energy Ministry, as saying during the 5th Georgian international conference Oil, Gas, Energy and Infrastructure in Tbilisi.
According to Rzabayov, proved oil reserves the Azeri-Chirag-Guneshli field comprises around 1bn tons, 120bn cu m of gas and 8m tons of condensate. Proved gas reserves on the Shah Daniz field are estimated at 1trln cu m, condensate - over 150m tons.
In his report Rzabayov stressed that at present they carried out appraisal work on Phase-2 of the Shah-Daniz project and planned to increase gas production up to 8-12bn cu m per year. Gas production within Phase-2 is expected to start in late 2011.
Construction work is carried out within Phase-1 of the Shah-Daniz project, while around 9bn cu m of gas and 2m tons of condensate are planned to be produced. 14 wells will be drilled within the Phase-1, including, 5 under water completions, Rzabayov stressed.