TODAY.AZ / Business

Oil and gas production volume in Azerbaijan announced

05 June 2014 [11:37] - TODAY.AZ
To date, about 1.53 billion tonnes of oil and gas condensates has been produced in Azerbaijan, the Vice-President of the State oil Company of Azerbaijan (SOCAR) for Economic Affairs, Suleyman Gasimov said.

He made the remarks at the 21st International Caspian Oil and Gas-2014 Conference held in Baku.

Gasimov pointed out that to date, some 559.5 billion cubic meters of gas was produced in the country.

Talking about the increase in the gas production volume in Azerbaijan, the SOCAR vice-president emphasized the importance of the Shah Deniz field.

"Around 45.4 billion cubic meters of gas and approximately, 94.5 million tonnes of condensates have been produced at the field up to date," according to Gasimov.

He went on to add that the implementation of the second stage of development of the Shah Deniz field, will allow to annually produce some 16 billion cubic meters of gas that will be exported to Turkey and the European market.

On December 17, 2013, a final investment decision was made on the Stage 2 of the 'Shah Deniz' offshore gas and condensate field's development.

Some 16 billion cubic meters of gas per year will be produced as part of the second stage of Shah Deniz development, according to the forecasts.

Some six billion cubic meters of this volume will be supplied to Turkey, while 10 billion cubic meters - to Europe.

The gas to be produced as part of the Stage 2 of the field's development, will be exported to Turkey and to the European markets by means of expanding the South Caucasus Pipeline and construction of the TANAP and the Trans-Adriatic Pipeline (TAP).

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.

Partners operating for Shah Deniz field's development, which has reserves of 1.2 trillion cubic meters of gas, include SOCAR with a share of 16.7 percent, British BP (28.8 percent), Norwegian Statoil (15.5 percent), Iranian NICO (10 percent), French Total (10 percent), Russian Lukoil (10 percent) and Turkish TPAO (nine percent).



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