Condensate production from Shah Deniz field expected to grow by about 5% next year 

The Shah Deniz field in the eth Azerbaijani sector of the Caspian Sea is forecasted to produce 33.3 million barrels of condensate in 2022, up 1.5 million barrels or 4.72% from the forecast for 2021, Report informs, citing the Opinion of the Chamber of Accounts of the Republic of Azerbaijan on the budget of the State Oil Fund of Azerbaijan for 2022.

In 2020, the production from the field was 29 million barrels, which is 4.3 million barrels or 14.8% less than the 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%).