SOCAR predicts oil production at 46m tons in 2011

SOCAR predicts oil production at 46m tons in 2011

Oil production in Azerbaijan is forecast at about 46 million tons, while gas output – at more than 27 billion cubic meters in 2011, the state energy firm SOCAR’s Vice-President Khoshbakht Yusifzada told the press Thursday. It was predicted that over 50 million tons of oil would be extracted this year.

The oil production volumes will be 46-50 million tons next year, Yusifzada said.

The reduction in Azerbaijan’s oil production is related to the revision of the program of drilling on the block of Azeri-Chirag-Gunashli (ACG) fields in the Caspian Sea, SOCAR head Rovnag Abdullayev said earlier.

Abdullayev said oil production of 50 million tons is an optimal volume for Azerbaijan.

According to Yusifzada, a total of 248m tons of oil has been produced since the development of ACG fields began. 120m tons of the volume is made up by profit oil.

ineBr pn�����-US style=’font-size:9.0pt;font-family:”inherit”,”serif”;mso-bidi-font-family: Arial;color:#606060;background:#F8F8F8;mso-ansi-language:EN-US;mso-fareast-language: RU;layout-grid-mode:both’>The BP Azerbaijan official noted further that gas production under the second stage of tapping the Shahdaniz field will begin in 2017.

 

“Two years later, production will reach 16 billion cubic meters per year. 6bn cubic meters of the volume will be delivered to Turkey, while the rest will be transported to Europe. Gas production will peak until 2027 at 24bn cubic meters per year. This will be followed by a gradual reduction in output.”

Taus added that $20 billion is required for implementing Phase 2 of Shahdaniz development.

The Shahdaniz field holds estimated reserves of 1.2 trillion cubic meters of gas.

Shahdaniz shareholders are: BP (25.5 percent), Statoil (25.5 percent), NICO (10 percent), Total (10 percent), Lukoil (10 percent), TPAO (9 percent) and Socar (10 percent).

 

 

Leave A Comment