Azerbaijan's Shah Deniz Field To Continue Having Great Potential In 2040 - Bp

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21. Azerbaijan's Shah Deniz field will still have great potential in 2040, head of bp Azeri-Chirag-Gunashli (ACG) field subsoil use section Afgan Huseynov said, Trend reports.

He spoke at the SPE Caspian Technical conference in Baku.

"In 2006, we started up the Shah Deniz field. We have been generating considerable amounts of gas and supplying it to domestic, neighboring, and European markets since then. In comparison, when our existing deal, bp-PSA, the Production Sharing Agreement, expires in 2040, the reservoir pressure in Shah Deniz, which is critical, will be greater than 1,000 PSI. At the same time, in the North Sea, for example, a medium-sized field, in some cases, starts its life cycle with a pressure of 1,000-1,500 PSI [initial pressure]. So it affects the price in the Caspian basin, and there are a lot of hydrocarbons there," he said.

The production capacity of the existing facilities at Shah Deniz is currently about 74 million standard cubic meters of gas per day, or about 27 billion cubic meters per year.

Stakes in Shah Deniz: bp (operator - 29.99 percent), SGC (21.02 percent), LUKOIL (19.99 percent), TPAO (19.00 percent) and NICO (10.00 percent).


Trend News Agency

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