Oil & gas continue to dominate Azerbaijan’s economy and provide most of its export and government revenue
Baku, Apil 25 - Neftegaz.RU.
According to Caspian news, Azerbaijan
reached a new milestone in gas production at Shah Deniz, the country’s largest offshore field in the Caspian Sea.
A total of 163.97 billion m3
of gas and 36.94 million tons of condensate have been extracted at the Shah Deniz
field since it began operations in 2006.
The announcement was made by Rovshan Najaf, 1st
Vice-President and Acting President of Azerbaijan’s SOCAR
According to him, the production volume in the Q1 of this year amounted to 6.44 billion m3
(bcm) of gas and 1.15 million tons of condensate.
Shah Deniz is considered one of the world’s largest gas-condensate fields, located on the deepwater shelf of the Caspian Sea
, 70 km southeast of Baku.
The field’s largest partner and operator, BP, names it the company’s 2nd
-biggest discovery after the Prudhoe Bay oil field in Alaska.
estimates the reserves of Shah Deniz to be about 1.2 trillion m3
(42.38 trillion cubic feet) of gas and 2.2 billion barrels of condensate.
The existing Shah Deniz facilities’ production capacity is currently about 72 million standard m3
of gas per day or more than 26 bcm per annum.
Meanwhile, Azerbaijan’s Energy Minister Parviz Shahbazov
has recently said that the country has 2.6 trillion m3
of proven gas reserves, which could be supplied to foreign markets for the decades to come.