Oil prices this year are expected to reach $65, Director of Fitch Ratings Sovereign Group in Europe Marina Stefani declared.
She said that next year oil prices would be at $62.5. The expert also noted that gas production in Azerbaijan would grow due to the production from the second stage of Shah Deniz field’s development.
The contract for the development of the Shah Deniz offshore field was signed on June 4, 1996. In accordance with the documents signed in Baku on December 17, 2013, the contract for the filed development was extended from 2036 to 2048, while the shares of SOCAR and BP (the project operator) in the project increased up to 16.7% and 28.8% respectively.
Share distribution among the parties to the agreement: BP (operator) -28.8%, AzSD – 10%, SGC Upstream – 6.7%, Petronas – 15.5%, Lukoil – 10%, NICO – 10% and TPAO – 19%.
The proved reserves of the field reach 1.2 trillion cubic meters of gas and 240 million tons of condensate. (AzerNews/Business World Magazine)
