BP Starts Production at Trillion-Cubic-Foot Gas Prize In Azerbaijan
BP Starts Production at Trillion-Cubic-Foot Gas Prize In Azerbaijan Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
BP Plc.(NYSE:BP) has officially launched commercial production of natural gas from the deeper reservoirs of the Azeri-Chirag-Gunashli (ACG) block,Azerbaijan's largest oilfield.
Additionally, the British energy giant is looking to expand its regional footprint by preparing to take over as the operator of the massive offshore Babek gas field.
Energy market observers will view the dual aim here as significantly deepening Western energy integration in the Caspian Sea, strengthening Azerbaijan's role as a vitalalternative gas supplier to Europe.
The start of non-associated gas (NAG) production represents a historic shift for the massive ACG oil field.
This marks the first time ever free natural gas is being extracted commercially from reservoirs situated below and above the main ACG oil formations.
NAG formations at ACG are highly lucrative, holding an estimated 4 to 6 trillion cubic feet of recoverable gas reserves.
Extracted gas and condensate will be routed directly to the onshore Sangachal Terminal via existing subsea pipelines to maximize operational efficiency.
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AsBP expands its current assets, it is simultaneously preparing to spearhead a major new offshore development.
BP is transitioning the offshore Babek gas field away from a state-run unit of the State Oil Company of Azerbaijan (SOCAR) into a separate, independently operated project.
The Babek field is a tier-one asset estimated to hold 400 billion cubic metres (bcm) of gas and 80 million tonnes of condensate.
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