2024-04-04 13:18:23
The increase two years ago of LUKOIL’s share in the Shah Deniz gas project in Azerbaijan to 19.99 percent from 10 percent (this deal was closed at the beginning of 2022) allowed it to increase its foreign gas production portfolio under the international SEC settlement system, Day reported on Wednesday .Az.
“According to international projects, gas production in 2023 increased by 0.6 percent and amounted to 17 billion cubic meters due to an increase in LUKOIL’s share in the Shah Deniz project in Azerbaijan in 2022, as well as the effect of Production Sharing Agreements (PSA) in conditions of lower gas prices in 2023,” noted in the LUKOIL report.
Let us recall that gas production from Shah Deniz has been carried out since December 2006 on the basis of a contract signed in 1996.
Currently, project participants are bp (29.99 percent), SOCAR (21.02 percent), LUKOIL (19.99 percent), NICO (10 percent) and TPAO (19 percent).
Shah Deniz reserves are estimated at 1.2 trillion cubic meters, a sixth of the reserves have been extracted.