46 billion cub.m. of natural gas has been extracted within the framework of development of offshore gas condensate field Shah-Deniz Phase 1, Khoshbakht Yusfizada, Senior Vice President of SOCAR, said at the seminar “Days of Norway in Baku.”
He said of total volume of production 25 billion cub.m. of gas was exported to Turkey and 3.4 billion cub.m. to Georgia. The remaining 17.6 billion cub.m. was purchased by SOCAR. This means that State Oil Company of Azerbaijan (SOCAR) bought 38.2% of the entire volume of gas.
SOCAR buys gas from the Shah-Deniz Phase 1 at the price agreed with the consortium, which are closer to the local ones.
* The contract to develop the Shah-Deniz field was signed on June 4, 1996 in Baku and ratified by the Milli Mejlis on October 17, 1996. Gas export to Turkey started on July 3, 2007. The partners of the production sharing agreement (PSA) on Shah-Deniz are BP (operator with 25.5%), Statoil, (25.5%), SOCAR (10%), LUKoil (10%), NICO (10%), Total (10%) and TPAO (9%).—0-
Economics
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