BP sees third test well at Shah-Deniz finished by year-end

Jul 31, 2000 02:00 AM

The leader of the group that is developing Shah-Deniz, an offshore gas field in the Azerbaijani section of the Caspian Sea, said that it expected work on the next test well at the deposit to be finished by the end of this year. The well, SDX-3, will be the last appraisal shaft sunk at the field, BP said. The consortium's contractor, the Caspian Drilling Company (CDC), began drilling at the SDX-3 site on July 17.
The Shah-Deniz group is bound under its contract to drill at least three test wells. BP noted on July 21 that the second appraisal shaft, completed in February of this year, was already yielding 400 tons of gas condensate and 1.8 mm cmpd of gas. Once all three of the exploratory wells come on line, the company said, they are likely to yield 3 bn cmpy of gas.
It further noted that the first two test wells had proven that Shah-Deniz contained at least 150 bn cm of gas. The field is believed to contain much more -- between 700 bn cm and 1 tcm of gas.
Shah-Deniz was originally expected to contain between 730 mm and 1.1 bn barrels of crude oil and 300-545 bn cm of natural gas. However, the concession proved to contain rather more gas than oil -- at least 700 bn cm of gas, according to BP, and perhaps as much as 1 tcm, according to other estimates.

BP serves as the operator of the group developing the Shah-Deniz field and holds a 25.5 % stake in the project. Norway's Statoil also holds 25.5 %, while Russia's LUKoil, France's Elf Aquitaine, Iran's OIEC and the State Oil Company of Azerbaijan (SOCAR) each have 10 %. Turkish Petroleum (TPAO) holds the other 9 %. The cost of developing the field may exceed $ 4 bn.

Source: NewsBase
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