Baku, Azerbaijan, May 24
By Aygun Badalova - Trend:
About 2.7 billion cubic meters of gas and 0.6 million tons (nearly five million barrels) of condensate were produced at Azerbaijan Shah Deniz gas and condensate field in the first quarter of 2016, said BP Azerbaijan company's report on the results of activity in 1Q 2016.
The report also said that the field's production capacity is currently 29.5 million cubic meters of gas per day (about 10.8 billion cubic meters per year).
Shah Deniz field's operating expenditure totalled about $116 million in the first quarter of 2016, while capital expenditure was about $928 million.
The majority of capital expenditure was associated with the Shah Deniz Stage 2 project.
Nearly 9.9 billion cubic meters of gas and 2.3 million tons (about 18.3 million barrels) of condensate were produced at the Shah Deniz field in 2015.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.
The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Statoil (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).
Norway's Statoil company sold its 15.5-percent share to Malaysia's Petronas company. But purchase and sale has not yet been completed.
Edited by SI
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