BP keeps gas output at Azerbaijan's Shah Deniz flat in 9M at 20 bcm

MOSCOW. Nov 5 (Interfax) - BP produced 20 billion cubic meters of gas at the Shah Deniz field offshore Azerbaijan in January-September 2024, as much as in the same period of 2023, the press office of BP in Azerbaijan said.

It produced 27 million barrels or more than 3 million tonnes of condensate, up 3.8% from a year before.

Production capacity is currently running at 80.7 mcm of gas per day or 29.5 bcm per year.

The contract to develop the Shah Deniz field was signed in Baku in 1996. Equity participation in the contract is currently as follows: BP plc , operator, with 29.99%; Russia's Lukoil with 19.99%; Turkey's TPAO with 19%; Azerbaijan's Cenub Qaz Dehlizi with 16.02%; Iran's NICO with 10%, and Hungary's MVM with 5%.

The consortium's overall costs rose 1.2% year-on-year in 9M 2024 to $2.362 billion, with operating costs exceeding $1.78 billion and capex totaling $582 million, mostly related to Stage 2 of the project.

The South Caucasus Pipeline carried 61.7 mcm of gas per day, up from 60.5 mcm a year previously. Operating cost were $60 million and capex $13 million.

BP raised gas production at Shah Deniz 4% to 26 bcm in 2023.