Shah Deniz PSA extended up to 2048, SOCAR and BP increase their stake in project

Photo: Shah Deniz PSA extended up to 2048, SOCAR and BP increase their stake in project

 / Politics

Baku, Azerbaijan, Dec. 17

By Emil Ismayilov - Trend:

SOCAR and the Shah Deniz partners have also agreed terms for extending the Shah Deniz Production Sharing Agreement up to 2048, BP said today.

The equity of SOCAR and BP in the project will be increased to 16.7 and 28.8 percent respectively.

SOCAR purchased 6.7 per cent equity in Shah Deniz and the South Caucasus Pipeline from Statoil, and BP purchased 3.3 per cent equity in Shah Deniz and the South Caucasus Pipeline from Statoil. Both of these transactions are subject to conditions that are expected to be satisfied in 2014.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.

Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, SOCAR - 16.7 percent.

The TANAP partners are expected to be: SOCAR, operator (68 per cent), BOTAS (20 per cent) and BP (12 per cent) following the purchase of TANAP interests by BOTAS and BP that are expected to be completed in 2014.

The TAP partners are: SOCAR (20 per cent), BP (20 per cent), Statoil (20 per cent), Fluxys (16 per cent), Total (10 per cent), E.ON (9 per cent) and Axpo (5 per cent).

Translated by NH

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Tags: Shah Deniz