Gas production from Shah Deniz field to increase by 7% next year

The Shah Deniz field in the Azerbaijani sector of the Caspian Sea is projected to produce 22.8 billion cubic meters of gas in 2022, said the Chamber of Accounts in the Opinion on the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2022.

Report informs that this figure is 1.5 billion cubic meters or 7.04% more than the forecast for 2021.

In 2020, this figure was 18 billion cubic meters, which is 4.8 billion cubic meters or 26.7% less than next year's forecast.

The agreement on exploration, development and production sharing of the Shah Deniz field was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

The shareholders are BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), LUKoil (25.5%), NICO (10%) and TPAO (19%).