Shah Deniz field produced 64 billion cubic meters of gas during first phase of development

29/09/2015 00:28 Natural Gas

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Energy-rich Azerbaijan extracted from its Shah Deniz field 64 billion cubic meters of gas from the commencing date of this project to September 1, 2015, according to the First Vice President of State Oil Company of Azerbaijan Republic (SOCAR) in Geology Geophysics & Field Development Issues, Khoshbakht Yusifzade.

During this period, 16.3 million tons of gas condensate was also produced from the offshore field. The Azerbaijani sector of the Caspian Sea is rich in gas condensate, and SOCAR is progressively looking for new methods to exploit these reserves. Shah Deniz reserves are considered one of the largest deposits of sea area, estimated at 1.2 bln cubic meters of gas and over 240 mln tons of condensate. The contract for the development of the Shah Deniz offshore field was signed on June 4, 1996. The shareholders are: BP, operator (28.8% ), AzSD (10%), SGC Upstream (6.7%), Petronas (15.5%), Lukoil (10%), NICO (10%) and TPAO (19%). Azerbaijan started Shah Deniz Stage 1 (SD1) on July 3, 2007. Since then, 4.7 billion cubic meter of gas (bcm) has been exported to Georgia, 35.4 bcm supplied to Turkey and 24 bcm consumed domestically. The volume of gas and condensate production at the Shah Deniz field amounted 5.2 billion cubic meters and 1.2 million tons (around 9.8 million barrels), respectively, in the first half of 2015, against 4.75 billion cubic meters of gas and 1.12 million tons of condensate in the same period of 2014.

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