Baku, Azerbaijan, Sept.22
By Emil Ismayilov - Trend:
Development of Absheron gas condensate field in the Azerbaijani sector of the Caspian Sea will begin in 2021, the Minister of Energy Natiq Aliyev said, according to the country's official press.
The discovery of the large Absheron natural gas field in the Azerbaijani sector of the Caspian was announced in September 2011, following the drilling of an exploration well.
The field's potential reserves amount to 350 billion cubic meters of gas and 45 million metric tons of condensate.
The participants of the Absheron project include SOCAR - with a share of 40 percent - and French companies Total - with 40 percent - and Gaz De France Suez - with 20 percent.
Natiq Aliyev also said that the capacities of the Umid, Absheron fields, provide the basis for strengthening the gas potential of Azerbaijan.
"The project of development of Shah Deniz gas condensate field will be an important project in terms of gas deliveries," Aliyev said. "It is planned to invest $45 billion, $25 billion of which will fall on the project itself, and the rest on the creation of all the necessary infrastructure in order to ensure the transportation of gas within the second stage of Shah Deniz development in the next five years."
On December 17, 2013, a final investment decision was made on Stage 2 of the Shah Deniz offshore gas and condensate field's development. The proven gas reserve of the field is estimated at 1.2 trillion cubic meters.
The gas to be produced as part of Stage 2 of the field's development will be exported to Turkey and to the European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).
The consortium for the development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, signed long term contracts (25 years) in September 2013 with nine European companies on gas supply.
The contracts for the purchase of gas from the second phase of development of the Shah Deniz field were signed in Baku with the following companies: Shell, Bulgargaz, DEPA, Gas Natural Fenosa, EON, Gaz de France, Hera, Enel and Axpo.
The first gas will be delivered to Turkey in 2018 and to Europe in 2019.