Natural gas production from Shah Deniz up 26%

In 2021, 34.08 million barrels of condensate (+5.08 million barrels or 17.5%) were produced from the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, Report informs, citing the Chamber of Accounts.

Last year, 22.62 billion cubic meters of natural gas (+4.62 billion cubic meters or 25.7%) were extracted from the Shah Deniz field.

In 2021, the field was expected to produce 21.3 billion cubic meters of gas, 1.32 billion cubic meters or 6.2% less than the actual figure.

Thus, 32.5 million barrels of condensate were expected to be extracted from this field the previous year, which is 1.58 million barrels or 4.86% less than the actual figure.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. The new production sharing agreement (PSA) for the joint exploration and development of Block on September 14, 2017. The agreement envisages the development of the fields by the end of 2049.

The ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron on April 16, 2020), INPEX (9.31%), Equinor ”(7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).