During six months this year BP-Azerbaijan company has extracted 5.2 billion cub.m. of gas from the Shah Deniz field, up 9.5% against the same period in 2014, reads the report of the BP-Azerbaijan company about the results of quarter 2, 2015.
During this period 1.2 million tons of condensate has been extracted from the Shah Deniz field, up 7.1% against January-June 2014 (1.12 million tons).
BP reported that maximum capacity of the production system on the field is 29.5 million cub.m. of gas a day or 10 billion cub.m. of gas a year. During a year there have been no changes in the capacity of the Shah Deniz Phase 1 production system.
According to the company, during 6 months, 2016 total costs of the Shah Deniz project reached $2.51 billion (growth by 24.9%), of which the operation costs totaled $0.25 billion and capital outlays - $2.26 billion. The main volume of capital outlays was spent for the Shah Deniz Phase 2 field development.
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 Shah Deniz project partners include BP (operator with 28.8%), Petronas (15.5%), SOCAR (16.7%), ЛУКойл (10%), NICO (10%), TPAO (19%). –0--
Economics
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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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