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31.01.2014 11:37

BP: Shah Deniz field has great potential

Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea has a potential for a Stage 3 and even further developments, Greg Riley, BPs Director of Eurasian Exploration, said in his interview with Azernews newspaper.

Riley went on to say that the appraisal and exploration wells have discovered a new high pressure reservoir in a deeper structure below the currently producing reservoir. This means that by introducing new high-pressure technologies including those that have yet to be invented, Shah Deniz will have a full field development that will be extended to future phases.

BP will continue to work with SOCAR and other partners to continue appraisals and assessments to underpin future plans for potential new stages beyond Stage 2, Riley stressed.

Currently, work is underway in the framework of the second stage of the Shah Deniz.

Gas within the second stage of development of the field will be exported to Turkey and the European markets by expanding the South Caucasus gas pipeline and construction of the Trans-Anatolian and Trans-Adriatic (TAP) gas pipelines.

Within the Shah Deniz project, annual production of gas will increase from nine billion cubic meters in the first phase to additional 16 billion cubic meters in the second phase.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

Participants on the development of Shah Deniz field are SOCAR (the State Oil Company of Azerbaijan) with the share of 16.7 per cent, the British BP (28.8 per cent), Norways Statoil (15.5 per cent), Irans NICO (10 per cent) , French Total (10 per cent), Russias Lukoil (10 per cent), Turkish TPAO (nine per cent).

The cost of the second stage of Shah Deniz development is estimated at $28 billion.

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