(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
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