Shah Deniz 2 project to provide serious flow of investments to Azerbaijani economy

Azerbaijan, Baku, Oct 5 /Trend E.Ismayilov/

The second stage of the Shah Deniz Azerbaijani gas condensate field's development project and provision of gas supply from Azerbaijan to Europe will require investments to the sum of a minimum $40-45 billion, a high ranking SOCAR representative told Trend.

"Gas production and construction of the necessary pipeline infrastructure will require around $40-45 billion," the source noted.

The representative said some $25 billion will be needed for the realisation of Shah Deniz's second development stage, construction of platforms, drilling works and extension of the Sangachal terminal.

Although the second realisation stage of Shah Deniz and supply of Azerbaijani gas to Europe are costly, this project will provide a flow of foreign investment.

Project realisation can turn into a second investment boom in the Azerbaijani oil sector after the Azeri Chirag Guneshli oil and gas field development project. According to the data, as of August 1, $28.67 billion had been contributed to this development project in the Azerbaijani sector of Caspian Sea to date.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 per cent, Statoil - 25.5 per cent, NICO - 10 per cent, Total - 10 per cent, LukAgip - 10 per cent, TPAO - nine per cent and SOCAR-10 per cent.
Gas reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters. It is predicted that in the second stage of field development, gas production can be brought up to 24 billion cubic meters a year.

Gas which will be produced during the second phase of the field development is considered as the main source for the Southern gas corridor projects and in particular Nabucco West and TAP (Trans Adriatic Pipeline). Azerbaijan plans to export 10 billion cubic metres of gas per year to Europe as part of the second phase of the Shah Deniz field development.

Hungary PM says too early to talk about lifting COVID-19 restrictions
Hungary PM says too early to talk about lifting COVID-19 restrictions
UK keeping its borders open for now - environment minister
UK keeping its borders open for now - environment minister
UK retail sales make weak recovery in December
UK retail sales make weak recovery in December
Loading Bars
Latest
Azerbaijan discloses commercial banks' total share in GDP
Azerbaijan-Turkmenistan co-op development serves economic well-being of region - MP
Georgian government's action plan has direct, clear priorities - PM
Demand for dairy products of EAEU countries increases in Turkmenistan
Cotton fiber production increases in Uzbekistan
All preventive measures to be taken in connection with COVID-19 at Azerbaijani schools
Public Council under Azerbaijani Ministry of Ecology to assess damage in liberated lands
Azerbaijan's PASHA Bank talks government initiatives for restoring liberated territories
Passenger traffic of Georgian airports significantly down
Tutoring activity may be resumed in Azerbaijan soon - minister
Turkmenistan increases import of flour from EAEU
China's CEIC, China Reform set up $1.55 billion new energy fund
Uzbekistan reduces gasoline production
Azerbaijan shows footage from Gargabazar village of Fuzuli district (PHOTO/VIDEO)
Greenhouses construction underway at agro-industrial complex in Uzbek Bukhara region
Uzbekistan, Ukraine talk diversification of mutual trade
Uzbekistan’s mining and metallurgical complex eyes increasing its authorized capital
Turkmenistan's fruit imports from EAEU increased
Azerbaijan to continue TV lessons until end of academic year
Minister talks possible date of kindergartens opening in Azerbaijan
Education minister talks epidemiological situation in Azerbaijan
Russia bans import of tomatoes from more Azerbaijani producers
Armenian opposition rallying in front of parliament building
Hungary PM says too early to talk about lifting COVID-19 restrictions
Education in Azerbaijani schools to begin in stages from February 1
Georgia reports 903 new cases of coronavirus for Jan.22
Kazakhstan's Kazakhmys boosts metals output, reveals plans for 2020
UK keeping its borders open for now - environment minister
Issue of banning tomato imports from Azerbaijan to Kazakhstan under review - Azerbaijani FDA
Restrictions imposed by Kazakhstan on import of tomatoes from Azerbaijan - temporary, says Kazakh Ministry
Results of Second Karabakh War hard to accept for Armenia, says Russian expert
Azerbaijan names amount of compensation paid to closed banks' depositors
Kazakhstan boosts 2020 passenger cars manufacturing despite COVID-19
Uzbekistan’s 2020 volume of electricity production up
Georgia reveals data on exports to Russia
Georgian tangerines exports exceed preliminary forecasts
Employee of Azerbaijan's ANAMA hits mine in liberated Jabrayil
Vaccine Maitri: Indian Covishield vaccine consignment reaches Bangladesh
Former Bhutan Prime Minister thanks India for gifting COVID-19 vaccine
PM Modi congratulates US President Joe Biden, says India-US partnership based on shared values
Dostlug field as unique format of co-op in Caspian - another successful strategy of President Ilham Aliyev
Azerbaijani MP talks rational bases for positive outlook on country's economy for 2021
Scientific experimental station of pistachio growing to be created in Uzbekistan
Turkmengas to buy electrical equipment via tender
Kazakhstan increases imports from Malaysia despite COVID-19
Uzbekistan reports increase in oil production
Geostat reveals volume of Russian exports to Georgia
State Property Service of Azerbaijan to auction small enterprises
Iranian gov't provides data on guaranteed wheat purchases
Prices for Azerbaijani oil slightly decrease
Kazakhstan's coal extracting venture to buy spares via tender
Iran's has low foreign debt ratio - Deputy Minister of Economy
Dostlug field to significantly increase Azerbaijan’s oil sale capacity
UK retail sales make weak recovery in December
Ford to recall 3 million vehicles for air bags at $610 million cost
Georgia shares data on trade turnover with EU countries
Georgian National Bank reveals volume of net profit made by lenders
Uzbekistan’s service sector suffers most amid COVID-19
Bus production significantly decreases in Uzbekistan
Turkmen company shares data on annual production of flour
Friendship wins in Caspian - Azerbaijani President announces innovations in energy sector
Gold price in Azerbaijan declines
Turkmengas opens again tender for maintenance of gas turbine generators
Kazakh Gas Refinery opens tender for spare parts manufacturing
Azerbaijan to launch local remote conference call service
Georgia's Batumi sees decrease in real estate transactions
Uzbekistan’s 2020 gas exports down amid COVID-19
Azerbaijani currency rates for Jan. 22
TAP reinstates olive trees, dry stone walls in Italy
Two options for future dev’t of Dostlug oil & gas field in Caspian
Maldives thanks India for sending a consignment of 100,000 doses of Covershield
Dominica PM writes letter to Narendra Modi, seeks COVID-19 vaccines for citizens
Dostlug project may inspire fresh talks on Trans Caspian pipeline – Rystad Energy
Chevron likely to see its 2020 capex fall by 25%
Uzbekistan reveals COVID-19 data for January 22
Biden’s plan can lead to massive acceleration in investment in renewable power
Iran shares data on imports of basic goods
Iran to offer assistance to auto industry
OPEC+ and Pandemic Path Remain Key Oil Price Drivers
Four advantages of Dostlug oil and gas project
Oil prices fall as China's surging COVID-19 cases trigger clampdowns
Azernews newspaper reports ecological terror committed by Armenia against Azerbaijan during 30 years of occupation
Azerbaijani FM held a number of meetings during his visit to Turkmenistan
Foreign ministers of Azerbaijan and Turkmenistan held meetings
President of Turkmenistan receives Azerbaijani Foreign Minister
Azerbaijani, French FMs exchange views on various issues
Georgia Hualing FIZ to keep lowering operational costs for businesses
Georgia successfully implements energy projects despite COVID-19
86 illegal migrants rescued off Libyan coast
Turkey registers more than 6,200 new coronavirus cases
Export of cigarettes from Georgia to Azerbaijan down
Kazakhstan boosts petroleum oils exports volume to Croatia
Big part of lending for households in Azerbaijan accounts for national currency
EU Parliament President: EU to support Georgia in fight against Covid-19
Number of new COVID-19 cases up in Kazakhstan
New joint projects between Azerbaijan, Russia to increase mutual trade turnover
Brazil sees 1,316 new COVID-19 deaths
Azerbaijani oil & gas sector sees more investments in 2020
8 die in blast in India's Karnataka state
Algeria reports 246 new COVID-19 cases, 104,852 in total
All news