Minister: Azerbaijan, Turkey work to increase volume of gas purchases

Oil&Gas Materials 22 January 2011 17:31 (UTC +04:00)

Azerbaijan, Baku, Jan. 22 / Trend A.Akhundov E.Ismayilov  / 

Turkey and Azerbaijan continue to work on an agreement to increase the volume of the Azerbaijani gas purchases, Turkish Energy and Natural Resources Minister Taner Yildiz told reporters in Baku on Saturday

"Last year, the sides agreed that Turkey will buy gas from the Shah Deniz-2 and the volume will be increased by six billion cubic meters per year after 2017. This agreement remains in force, and we continue to work in this direction," Yildiz said.

Gas is exported to Turkey from the Shah Deniz gas condensate field based on a contract. Under the contract, Turkey must receive 6.6 billion cubic meters of gas in the first stage of the Shah Deniz project.

The contract to develop Shah Deniz was signed June 4, 1996. Participants are BP (operator) - 25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, and SOCAR - 10 percent.

Peak production is forecast at over 8.6-9 billion cubic meters. Gas production may be brought up to 25 billion cubic meters per year under the second stage of development.

The field's reserves are estimated at 1.2 trillion cubic meters during the first stage.