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Wednesday, 01 November 2017 13:45

Why SOCAR chose bp as partner? Featured

Why SOCAR chose bp as partner?

246 million tonnes of oil have been produced from the deep-water ACG field and sold until October 1, 2017, Adviser to the First Vice-President of SOCAR Alekper Abbasov said at the SPE conference in Baku.

According to Alekper Abbasov, up to date 438 million tonnes of oil and 139 billion cubic meters of natural gas have been produced from ACG.

“In total, 459 million tonnes of Azerbaijani oil have been exported to the world markets, of which 342 million tonnes were transported via Baku-Tbilisi-Ceyhan”, Alekper Abbasov said.

He recalled that the modified and updated psa contract for the development of Azeri, Chyrag fields and the deepwater part of Gunashli was signed on Sept. 14 of this year. According to the expert, during the negotiation process SOCAR had three options: to continue cooperation with bp, with other companies or develop the fields independently after 2024. As a result, the preference was given to the British company as a traditional partner, who knows the specifics of work on the Azerbaijani shelf of the Caspian Sea. At the same time, the expert cited the analogy of family doctor practice in the western countries.

It stands to mention that yesterday the psa deal was ratified by the Parliament of Azerbaijan, and thus became valid. This year, Azerbaijan will produce 2 billion tonnes of oil, and half of this volume was produced in the last 50 years. The period after gaining the independence was instrumental in this regard”, Alekper Abbasov stressed.

Since the start of operation in 2006 up to now the Shah Deniz gas field has produced 86 billion cubic meters of gas and 21.5 billion tonnes of condensate, Alekper Abbasov added.

According to Alekper Abbasov, to date 6.5 billion cubic meters of gas have been exported to Georgia and 48.5 billion cubic meters to Turkey via the South Caucasus Pipeline.

Person in charge of the newsline: Sabina Mammadova 

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