Since beginning of the Shah Deniz field development in November 2006 till June 1, 2016 72 bcm of natural gas has been extracted on the field, said Khoshbakht Yusifzada, SOCAR Senior Vice President, at the Caspian Oil & Gas 2016 conference.
He said that during 5 months, 2016 4.5 bcm of gas and 1 million tons of condensate has been extracted on the biggest gas field in the Caspian Sea.
He added that 8 operation wells are currently used on the Shah Deniz-1 project. 30 mcm of gas and about 7,000 tons of condensate (55,000 barrels) a day is extracted from these wells.
In its report for quarter 1, 2016 BP-Azerbaijan company wrote that from January to March, 2016 the upper sections of the operation wells SDA09 and SDA10 have been completed. In the future the drilling works will be continued to maintain stable production on the contract area.
According to SOCAR, Shah Deniz’s resources total 1.2 trillion cub.m.. There will be three stages of the field development for full extraction of its resources. Shah Deniz -2 project was launched in 2013 and the first gas will be extracted in mid-2018. It is planned to start Shah Deniz-3 in the middle of 2020s.
The contract for the Shah Deniz field development was signed in Baku on June 4, 1996 and ratified by the Milli Mejlis on October 17, 1996. The field was discovered in June 1999. The project partners include BP (28.8%), TPAO (19%), SOCAR/SGC (16.7%), Petronas (15.5%), LUKoil (10%) and NICO (10%). –0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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