Azerbaijan, Baku, June 6 / Trend, E. Ismayilov /
Some $45 billion have been invested in the Azerbaijani oil and gas sector since 1994 up to now, head of SOCAR's investment department Vagif Aliyev said during the Caspian Oil and Gas 2013 conference today.
He added that at present, operations are underway within the second phase of developing the Shah Deniz gas condensate field in Azerbaijan. It will be possible to extract additional 16 billion cubic meters of gas.
The amount of investments for the second phase of Shah Deniz development will exceed $ 25 billion, Aliyev said.
The Shah Deniz field's reserves are estimated at 1.2 trillion cubic meters of gas.
The contract to develop the Shah Deniz offshore field was signed in June 1996. Participants to the agreement are: BP (operator) with 25.5 per cent, Statoil with 25.5 per cent, NICO with 10 per cent, Total with 10 per cent, Lukoil with 10 per cent, TPAO with nine per cent and SOCAR with 10 per cent.