Since the start of production in 2006, the giant Shah Deniz field, located in the Azerbaijani sector of the Caspian Sea, has produced about 237 billion standard cubic meters of gas, BP Vice President for the Caspian Region Bakhtiyar Aslanbayli wrote on social media, Report informs.
"For the same period, the Shah Deniz project produced 49 million tons (about 394 million barrels) of condensate. BP and its co-venturers spent about $30 billion in capital expenditure on Shah Deniz activities to date, the majority of which was associated with the Shah Deniz 2 project. In addition, the State Oil Fund has earned more than $7.7 billion in revenue from the Shah Deniz project by the end of 2024," he wrote.
The agreement on exploration, development and production sharing of the prospective area Shah Deniz was signed on June 4, 1996. The production sharing agreement (PSA) for Shah Deniz was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.
According to the documents signed on December 17, 2013, in Baku, the term of the PSA related to the development of the Shah Deniz field was extended from 2036 to 2046.
The shares in Shah Deniz are distributed as follows: BP (operator - 29.99%), Lukoil (19.99%), TPAO (19%), NICO (10%), Southern Gas Corridor (16.02%), MVM (5%).
