The second phase of the Shakh Deniz gas development will reach plateau production depending on market conditions, BP has said, qualifying previous targets for a two-year ramp-up.
“We are yet to decide when to reach a production plateau of 16bn m³/yr,” a spokeswoman said, pointing out that everything depends on demand and prices for gas in Europe. BP had previously said that a production plateau of 16bn m³/yr could be reached two years after phase two comes on stream in 2017.
The plateau could be reached either earlier or later depending on how quickly production wells are drilled. According to preliminary plans, Shakh Deniz phase two would require 26-30 production wells depending on the amount of gas to be produced from phase two.
“We still have not received an answer from would-be buyers on how much gas and when they are prepared to buy,” the spokeswoman said.
Shakh Deniz unites BP (25.5pc), Norway's Statoil (25.5pc), Total (10pc), Azeri firm Socar (10pc), Turkey's TPAO (9pc), Russia's Lukoil (10pc) and Iranian Oil Industries Engineering Constructions (10pc).