BAKU, Azerbaijan, Nov. 15
By Anastasia Savchenko - Trend:
With the commissioning of new wells as part of the Shah Deniz Stage 2 project, condensate production from January through September 2019 amounted to 2.6 million tons, Director of the Caspian Barrel Oil Research Center Ilham Shaban told Trend Nov. 15.
“If this pace remains until the end of this year, we can expect that the production volume under this project will be 3.5 million tons of condensate,” the expert said.
Shaban also drew attention to the fact that the volume of oil production as part of the Azeri-Chirag-Guneshli (ACG) project due to aging of wells is reduced.
“In October, production was suspended at one of the ACG platforms for 15 days of this year,” the expert reminded.
Shaban emphasized that last year, 29 million tons of oil was produced under the ACG project, this year the volume of production will be 2 million tons less, that is 27 million tons of oil.
Shah Deniz Stage 2 is the starting point of the Southern Gas Corridor, through which Caspian gas will first enter the European market. As part of the second stage of field development, additional 16 billion cubic meters of gas per year will be produced. Of these, 6 billion cubic meters will be delivered to Turkey, and 10 billion to Europe. During the peak period, gas production from the Shah Deniz field will reach 26 billion cubic meters of gas per year and 120,000 barrels per day.
The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
From the beginning of production in November 1997, until the end of the second quarter of 2019, about 488 million tons (more than 3.6 billion barrels) of oil have been produced at the fields.
The ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
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