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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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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