Around $20bln to be invested in development of Azerbaijan's giant gas condensate field: Azerbaijani president
Azerbaijan, Baku, July 23 / Trend /
A bout $20 billion will be invested in development of the Azerbaijani offshore gas condensate Shah Deniz field in the Azerbaijani section of the Caspian Sea, Azerbaijani President Ilham Aliyev said at the meeting of the Cabinet of Ministers on the results of the socio-economic development in the first half of 2009. The head of state presided over the meeting.
At present concrete measures are being taken to santion the second phase of the Shah Deniz field development, Aliyev said at the meeting.
The contract on development of Shah Deniz off-shore field was signed on 4 June 1996. Shah Deniz participating interests are: ВР (operator - 25.5 percent), StatoilHydro (25.5 percent), SOCAR (10 percent), LukAgip (10 percent), NICO (10 percent), Total (10 percent), and TPAO (9 percent).
At present the Azerbaijani gas is transported to Georgia and Turkey via the South Caucasus gas pipeline. Over 9 billion cubic meters of gas will be produced as part of Phase 1 of the project of development of the Shah Deniz field in 2009.
It is planned to sanction the second phase of the Shah Deniz field development by 2014 and to produce up to 20 billion cubic meters of gas per year under the second phase.