The start of the second phase of development of the Umid gas condensate field in the Azerbaijani sector of the Caspian Sea is expected by 2027, Report informs referring to Fitch Ratings.
According to the agency, Umid is among the fields that will provide Azerbaijan with additional production of up to 8 billion cubic meters of gas per year by 2030.
"The 8 bcm of natural gas, which we plan to have additionally by 2030, will be produced from five existing and new fields. It means that investors already operating in Azerbaijan, will increase their production. At the same time, new contracts, which have been signed or will be signed soon, will give this potential," Azerbaijani President Ilham Aliyev said at the official opening ceremony of 30th Caspian Oil and Gas Exhibition, 13th Caspian Power Exhibition, and 30th Baku Energy Forum.
According to Fitch, natural gas production in 2025 is expected at 50.3 billion cubic meters, which will be facilitated by the launch of deep-gas production at the Azeri-Chirag-Gunashli field. The agency's analysts expect production volumes to reach 49 billion cubic meters in 2026. As of April 1, within the first phase of the development of the Umid field, a total of 11.2 billion cubic meters of gas and 1.65 million tons of gas condensate were produced.
The Umid field was discovered on November 24, 2010, and was the first gas condensate field in Azerbaijan discovered during the period of independence. It was put into operation in 2012. According to preliminary estimates, the total reserves of the field are about 200 billion cubic meters of gas and 40 million tons of condensate.