Monday, August 22, 2011
Knight Ridder/Tribune Business News
by E.Ismayilov, Trend News Agency, Baku, Azerbaijan
During the first half of 2011, the Azerbaijani Shah Deniz field produced about 3.07 billion cubic meters (more than 108.4 billion cubic feet) of gas and 0.8 million tonnes (6.5 million barrels) of condensate or over 17 million cubic meters of gas per day (about 600 million standard cubic feet per day) and about 35,800 barrels of condensate per day, BP reported.
In 2010, the Shah Deniz field produced about 6.9 billion cubic meters of gas and 1.9 million tons (14.7 million barrels) of condensate. Then, the average daily production at the field was 19 million cubic meters of gas and 40,000 barrels of condensate.
For the full year, it is expected to spend $169.9 million in operating expenditure and $791.6 million in capital expenditure on Shah Deniz activities. In the first half of 2011 Shah Deniz spent $ 86.8 million in operating expenditure and $298.2 million in capital expenditure.
Since the start of Shah Deniz production in late 2006 till the end of the second quarter of 2011 about 56.3 million barrels (7.13 million tonnes) of Shah Deniz condensate was exported to world markets.
Peak production from the Shah Deniz project is forecasted at over 9 billion cubic meters of gas and 50,000 barrels of condensate per day.
According to forecasts, within the second phase of the field's development gas production may be increased to 25 billion cubic meters per year.
Shah Deniz reserves are estimated at an amount of 1.2 trillion cubic meters of gas.
The contract to develop the offshore Shah Deniz field was signed June 4, 1996. Participants to the agreement are: BP (operator) -- 25.5 percent, Statoil -- 25.5 percent, NICO -- 10 percent, Total -- 10 percent, LukAgip -- 10 percent, TPAO -- 9 percent, SOCAR-10 percent.
Copyright (c) 2011, Trend News Agency (Baku, Azerbaijan)
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