In 1H2016, 5.4 billion cubic meters of gas and 1.3 million tons of condensate (nearly 10 million barrels) were produced at Azerbaijan’s Shah Deniz gas and condensate field, as compared to 5.2 billion cubic meters of gas and 1.2 million tons of condensate in the same period of 2015, said BP report on the results of the company’s activity in 1H2016 in Azerbaijan, issued Aug. 22.

The report says that currently, the average daily volume of gas output at the field is 29.5 million cubic meters (about 10.8 billion cubic meters per year).

In 1H2016, Shah Deniz field’s operating expenditures totalled $225 million and capital expenditures – about $1.87 billion, the majority of which was associated with the Shah Deniz Stage 2 project.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996.

The shareholders in the contract are BP (operator - 28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).

As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.

The cost of the Shah Deniz Stage 2 project is estimated at $28 billion.