BP: Shah Deniz field to retain its great potential in 2040

The Shah Deniz field will still have great potential in 2040.

The statement was made by the head of the subsoil use section of the ACG field of BP company Afgan Huseynov during the SPE Caspian Technical Conference in Baku, Trend reports.

“We put the Shah Deniz field into operation in 2006. Since then, we have been producing significant volumes of gas and supplying it to the domestic, neighbouring and European markets. For comparison, by 2040, when our current contract - bp-PSA [Production Sharing Agreement] ends, the reservoir pressure at Shah Deniz, which is very important, will be more than 1,000 PSI. Whereas in the North Sea, for example, a medium-sized field in some cases begins its life cycle at 1,000-1,500 PSI [initial pressure]. So, this is reflected in the price regarding the Caspian basin, and there are a lot of hydrocarbons there,” he said.

The production capacity of existing facilities at Shah Deniz is currently about 74 million standard cubic metres of gas per day or about 27 billion cubic metres per year.

Shares in Shah Deniz: bp (operator - 29.99 per cent), SGC (21.02 per cent), LUKOIL (19.99 per cent), TPAO (19.00 per cent) and NICO (10.00 per cent).