It is planned to increase annual gas extraction from the Shah-Deniz Phase 1 project up to 10.4 billion cub.m, Alistair Cook, BP Vice President for Shah-Deniz field development, told journalists at a press conference last evening.
“We have already started works and the results show that the existing infrastructure allows extracting 9.8 billion cub.m. of gas a year from the Shah-Deniz Phase 1. Till the end of 2014 we plan to increase extraction up to 10.4 billion cub.m,” Cook added.
He also said that additional 1.4 billion cub.m. of gas, which will be extracted within the framework of Shah-Deniz Phase 1, will be purchased by State Oil Company of Azerbaijan (SOCAR).
In the future we plan to sign a separate commercial contract for gas purchase.—0—
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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