The natural gas resources on the Shah-Deniz offshore field could increase up to 300 billion cub.m.
Khoshbakht Yusifzada, senior Vice President of State Oil Company of Azerbaijan (SOCAR) said at the event devote to Heydar Aliyev's 90th anniversary that according to the initial estimates, resources of the field could reach 1.5 trillion cub.m.
He added that discovery of this big field is of great importance for development of gas potential of the country.
The Shah-Deniz field was discovered in June 1999. That time its resources were estimated at 600 billion cub.m. However, when the first production started after seven years ago, resources of the field increased up to 1 trillion cub.m. In 2010, when new evaluation of the field's resources was conducted, its potential was estimated at 1.2 trillion cub.m.
Production of the first gas on the Shah-Deniz started in November 2006. Since that time till the end of March 2013 40 billion cub.m. of gas and 10.7 million tons of condensate was extracted on the field.
The Shah-Deniz field development partners are BP (operator) -25.5%, Statoil - 25.5%, SOCAR with 10%, LUKoil with 10%, NICO - 10%, Total 10% and TPAO (9%).-0-
Economics
-
Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
-
The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
-
On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
-
Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
Leave a review