Azerbaijan, Baku, Dec. 8 /Trend, E.Ismayilov/
After completion of the season of pumping gas into underground gas storage facilities in Azerbaijan, SOCAR (State Oil Company of Azerbaijan) has reduced gas reception from Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea from 12-14 million cubic meters per day to six million cubic meters per day, a source in oil and gas market said Wednesday.
Azerbaijan has two underground gas storage facilities - Kalmaz and Garadagh.
Peak production is forecasted at over 8.6-9 billion cubic meters. Gas production may be brought up to 25 billion cubic meters per year under the second phase of development.
Shah Deniz's reserves are estimated at 1.2 trillion cubic meters of gas.
The contract to develop Shah Deniz was signed in June 1996. Participants are: BP (operator) - 25.5 percent; Statoil - 25.5 percent; NICO - 10 percent; Total - 10 percent; LukAgip - 10 percent; TPAO - 9 percent; and, SOCAR - 10 percent.