Azerbaijan has increased the volume of gas exported from its largest Shah Deniz field that takes Caspian gas resources to European markets.

Gas export from Azerbaijan’s Shah Deniz field, one of the largest gas developments in the world, amounted to 8 billion 376.9 million cubic meters in January-October 2019, which is 26.4 percent higher than that in the same period of 2018, the State Statistical Committee told local media.

State Oil Company of Azerbaijan (SOCAR) expects 19 billion cubic meters of gas from the Shah Deniz field in 2019, while production will increase to 24 billion cubic meters in 2021, SOCAR’s Vice President for field development Yashar Latifov has said.

Azerbaijan’s largest gas field, Shah Deniz, produced around 12.2 billion standard cubic metres (bscm) of gas and 2.6 million tonnes (about 21 million barrels) of condensate in January-September 2019.

Current investments in Azerbaijan’s Azeri Chirag Guneshli and Shah Deniz projects, including potential for new phases, will open billions of barrels of oil equivalent over the next decades, Ashley Sherman, Principal Research Analyst at Wood Mackenzie, an international consulting company in the Caspian region and Europe, told Trend.

The export of Azerbaijani gas from the Shah Deniz field amounted to 7 billion 412.8 million cubic meters in January-September 2019, which is 28.1 percent higher than that of the same period of 2018, the State Statistical Committee told local media.

ENGIE, Shell, Azerbaijan Gas Supply Company (AGSC) and SOCAR have agreed on a partial transfer of ENGIE’s Shah Deniz gas supply contract to Shell Energy Europe Limited.

Azerbaijan’s oil and gas sector still accounts for a huge share in the country’s GDP.

Shah Deniz 2, one of the largest gas developments in the world, will help increase European energy security by bringing Caspian gas resources to markets in Europe for the very first time.

From 2001 and to August 1, 2019, the State Oil Fund of Azerbaijan (SOFAZ) received $143.37 billion within the framework of the project of development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.