The period of maximum gas extraction of 25 billion cub.m. a year from the Shah Deniz field is expected between 2022 and 2028, said SOCAR Senior Vice President for Geology, Geophysics and Field Development Khoshbakht Yusifzada.
“The peak volume of gas extraction of 16 billion cub.m. from the Shah Deniz Phase 2 will be achieved in 2022. Maximum volume of gas extraction of 25 billion cub.m. from Phase 1 an Phase 2 is expected between 2022 and 2028,” added Yusifzada.
He said at the initial stage it is planned to export 10 billion cub.m. of gas from the Shah Deniz Phase 2 to Europe.
“In the future the volume is planned to be increased up to 20 billion cub.m. a year,” Yusifzada said.
He also said that total volume of gas extraction from the Shah Deniz field since beginning of development in December 2004 till November 1, 2015 reached 66 billion cub.m.
“During this period 17 million tons of condensate has been also extracted from the Shah Deniz field,” Yusifzada added.
He said at present 29 million cub.m. of gas and 7,000 tons of condensate a day is extracted from 7 operation wells on the Shah Deniz field.
* The project partners include BP (operator with 28.8%), Petronas (15.5%), SOCAR (16.7%), ЛУКойл (10%), NICO (10%) and TPAO (19%).-0--
Economics
-
The Azerbaijan Caspian Shipping Company (ASCO) announced the commissioning of its newly built vessel, "Bergyushadchay", on November 28. Constructed at the Zykh Ship Repair and Construction Yard, the vessel is now part of ASCO's Caspian Sea Oil Fleet as an auxiliary ship, according to the company's statement.
-
Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
-
The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
-
At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
Leave a review