BP-Azerbaijan company is interested in the schedule of use of SOCAR’s new sixth generation semi-submersible drilling rig, which will be put into operation in early quarter 2, 2016, a source from SOCAR told TURAN.
However, BP’s interest in this unique drilling rig is not connected with the current projects, SOCAR explained.
The drilling rig, which will be able to drill wells on the sea depth of 1000 meters and up to 9,000 meters deep with high bed pressure will most likely be used for the exploration and evaluation drilling on the Absheron field (operated by Total), on the deep-water fields Shafag-Asiman (operated by BP) and on Babak field (the tender was invited earlier, but the winner has not been selected yet).
In about 10 years by 2027 BP-Azerbaijan company would like to use the drilling rig during implementation of the Shah Deniz 3 gas project.
According to the preliminary information, gas extraction within this project must start in 2031-2032.
The Shah Deniz project partners need this project for two reasons: first of all, it will guarantee stable gas supplies to the consumers during the entire Shah Deniz-2 contract period (expires in 2045), secondly, it will allow extracting the remaining gas resources on the field (600 billion cub.m.).
In order to achieve this goal, BP and its partners will have to upgrade this drilling rig, because they will have to drill new wells in more difficult geological conditions.
* Giant gas condensate field Shah Deniz located in the Azerbaijani sector of the Caspian Sea (on the sea depth of up to 550 meters) was discovered in 1999. Its development started at the end of 2006 and currently over 72 bcm of gas and 16 million tons of condensate has been extracted. The extraction has been stabilized at about 10 bcm of gas and 2.3 million tons of condensate.
The resources of the Shah Deniz-1 project are estimated at 200 bcm, while of Shah Deniz-2 – 400 bcm. The geologists expect that the Shah Deniz-3 project will have the biggest gas beds (600 bcm of gas).—0--
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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