Azerbaijan, Baku, May 2 / Trend /
Iran intends to invest $1.7 billion in implementation of the second phase of the project to develop gas field in Shah Deniz field in Azerbaijan, the Mehr agency quoted head of the Iranian company NICO Mohammad Javad Asimpour as saying.
Company's share in the project is 10 percent, and NICO is planning to increase its share, Asimpour said.
The second phase of implementation of the project will be commenced after 2013-2014.
The contract on development of off-shore Shah Deniz field was signed on 4 June 1996. Shah Deniz participating interests are: ВР (operator - 25.5%), StatoilHydro (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).
The field's reserve is 1.2 trillion cubic metre. The daily capacity of the field is 22 million cubic metre of gas. The capacity of the field will be increased to 27 million cubic metre after a new well is operated.
Gas production from the field began in December 2006. Gas is transported to Georgia and Turkey through the South Caucasus gas pipeline (Baku-Tbilisi-Erzrum). Azerbaijan also buys the gas.
Production will be increased to 20 billion cubic meters during the second stage to commence after 2014. During the second stage gas will be exported to Europe.
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