TODAY.AZ / Business

Gas production increases in Azerbaijan

17 May 2018 [17:39] - TODAY.AZ

By  Trend


Azerbaijan produced about 2.7 billion standard cubic meters (bcm) of gas and 0.6 million tons (about 5 million barrels) of condensate at the Shah Deniz field in January-March 2018 compared to 2.4 billion cubic meters of gas and 0.6 million tons of condensate in the same period last year, reads the BP report on its activity in Azerbaijan for the first quarter of 2018.

BP Azerbaijan is the operator of the Shah Deniz field.

The existing Shah Deniz facilities’ production capacity is currently 30 million standard cubic meters of gas per day or around 10.9 billion cubic meters per year, according to the report.

In the first quarter of 2018, operating expenditure as part of the Shah Deniz field’s development project amounted to approximately $123 million and capital expenditure amounted to about $415 million, the majority of which was associated with the Shah Deniz 2 project.

As much as 10.2 billion cubic meters of gas and 2.4 million tons of condensate (about 19 million barrels) were produced at the Shah Deniz field in 2017.

Shah Deniz field’s reserves are estimated at 1.2 trillion cubic meters of gas.

A contract for development of the Shah Deniz offshore field was signed on June 4, 1996.

The shareholders in the contract are BP (operator - 28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).

URL: http://www.today.az/news/business/170143.html

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