TODAY.AZ / Business

Azerbaijan produces 129bn cubic meters of gas from Shah Deniz

18 September 2020 [16:30] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan has produced over 129 billion cubic meters of natural gas and more than 29 million tons of condensate from its largest gas field Shah Deniz since its commissioning in 2006, Azertag reported with reference to SOCAR’s First Vice President Khoshbakht Yusifzade.

Yusifzade said that the discovery of the giant Shah Deniz field in June 1999, with reserves of 1.2 trillion cubic meters of gas and 240 million tons of condensate, and the successful implementation of the Shah Deniz gas project introduced Azerbaijan to the world as a major gas exporter.

Furthermore, he said that 516 million tons of oil and 172 billion cubic meters of natural gas have been produced from Azeri-Chirag-Guneshli block of fields.

Out of this volume, 305 million tons of profitable oil was sold in the world markets, which is 59 percent of all produced from ACG block so far.

It should be noted that 15.9 million tons of oil and 7.8 billion cubic meters of natural gas were produced from Azeri-Chirag-Guneshli block of fields during the period of January- August 2020.

First Vice President also noted that so far, Azerbaijan has exported 579 million tons of oil to the world markets, including 417 million tons via Baku-Tbilisi-Ceyhan oil pipeline, and 162 million tons via Baku-Supsa, Baku-Novorossiysk oil pipelines and railway.

Additionally, he emphasized that 9.8 billion cubic meters of natural gas have been transported to Georgia and 73.7 billion cubic meters to Turkey via the South Caucasus gas pipeline under the Shah Deniz-1 project.

The contract for the development of Azeri-Chirag-Guneshli (ACG) oil fields was signed on September 20, 1994 and entered into force in December. The contract for the development of ACG block was extended to 2050 in September 2017.

The shareholders in the Azeri-Chirag-Guneshli project are BP (operator, 30.37 percent), SOCAR (25 percent), American Chevron (9.57 percent), ExxonMobil (6.79 percent), Indian ONGC (2.31 percent), Japanese Inpex Corp. (9.31 percent), ITOCHU Oil (3.65 percent), Norwegian Statoil (7.27 percent) and Turkish TPAO (5.73 percent).

The contract on development of Shah Deniz gas field was signed in 1996. Shareholders of Shah Deniz project are: BP (operator, 28.8 percent), TPAO (19 percent), SOCAR (16.7 percent), Petronas (15.5 percent), LUKOIL (10 percent) and NICO (10 percent).


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