Contract signed on selling Total’s share in Shah Deniz project

Photo: Contract signed on selling Total’s share in Shah Deniz project
 / Oil&Gas

Baku, Azerbaijan, May 30

By Emil Ismayilov - Trend:

Turkiye Petrolleri Anonim Ortaklıgı (TPAO) and 'Total Azerbaijan' companies signed a contract on May 30 in Istanbul on the purchase and sale of Total's 10 percent share in the project of development of Azerbaijan's 'Shah Deniz' offshore gas and condensate field.

The contract was signed by the heads of TPAO and Total Azerbaijan - Besim Sisman and Christian Giudicelli.

Under the contract, the TPAO's share in this project will be increased to 19 percent.

Partners for the development of the Shah Deniz field are: SOCAR with the share of 16.7 percent, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent).

The contract for development of the Shah Deniz offshore field, which has proven reserves of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.

The gas produced at the Shah Deniz is exported to Turkey and Georgia via the South Caucasus pipeline (Baku-Tbilisi-Erzurum).

Edited by S.I.

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