Azerbaijan, Baku, March 29 / Trend, E. Ismayilov /
At present, daily gas production at the Shah Deniz gas field in Azerbaijan's sector of the Caspian Sea is about 18 million cubic meters, a source in oil and gas market said on Tuesday.
According to the source, 15-16 million cubic meters of the total volume of gas produced at the field is supplied to Turkey under the contract. The rest of gas is supplied to Azerbaijan and Georgia.
In 2010 the Azerbaijani Shah Deniz field produced about 6.9 billion cubic meters of gas and 1.9 million tons (14.7 million barrels) of condensate. Last year the field's average daily production hit about 19 million cubic meters of gas per day.
The peak production at the field within the first stage of development is projected at 9 billion cubic meters of gas and 50,000 barrels of condensate. According to the forecasts, the volume of gas production may be brought up to 24 billion cubic meters per year within the second stage of development of the field.
The field's reserves are estimated at 1.2 trillion cubic meters during the first stage.
The contract to develop Shah Deniz was signed June 4, 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.
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