SOCAR: First gas from Shah Deniz will be received in late 2016
Azerbaijan, Baku, May 7 / Trend E.Ismayilov /
It is expected to receive the first gas in the second stage of the development of the Shah Deniz gas-condensate field in the Azerbaijan sector of the Caspian Sea in late 2016, Head of State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev said.
"First gas from the second stage of the Shah Deniz project will be received in late 2016," Abdullayev said.
It is planned to start talks with potential buyers at certain phase of the second stage, he said.
Azerbaijan will consider proposals from all interested parties who are in the "short list". Russia's Gazprom and many European companies are among them.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters. It is expected to receive 8.6 - 9 billion cubic meters in the first stage of a project to develop field and in the second stage, peak production forecasted at over 16 billion cubic meters.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil Hydro - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, and SOCAR - 10 percent.