European Commission welcomes final investment decision to extract gas pledged for Europe

European Commission welcomes final investment decision to extract gas pledged for Europe

Baku, Azerbaijan, Dec. 17

By Aygun Badalova - Trend:

The European Commission welcomed today's final investment decision (FID) on extracting gas from the Shah Deniz II gas field in Azerbaijan, European Commission reported on December, 17.

With this long-awaited decision, it is confirmed that Europe will get 10 billion cubic metres (bcm) per year starting from end 2019. All decisions taken so far - including to choose Trans Adriatic Pipeline (TAP) as pipeline to bring gas to Europe - were conditional on this final investment decision, the report said.

EU Commission President José Manuel Barroso said today's decision by the Shah-Deniz-II-Consortium is a strategic door opener for stronger European energy security.

"Building on the Joint Declaration I signed with President Ilham Aliyev in January 2011, this important step will give the EU direct access to gas from the Caspian basin. This is a major milestone for the diversification of our energy supplies, to the benefit of European consumers and businesse," Barroso said.

This decision to open the Southern Gas Corridor is a real breakthrough, EU Energy Commissioner Günther Oettinger. "Through its further enlargement, the corridor will have the potential to meet up to 20 per cent of the EU's gas needs in the long term," he added.

The signing ceremony of the final investment decision on Shah Deniz-2 project was held in Baku today.

Azerbaijani President Ilham Aliyev, his spouse Mehriban Aliyeva, the heads of several countries and governments attend the event.

Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.

Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, SOCAR - 16.7 percent.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.

Within the second phase of development it is planned to produce some 16 billion cubic meters of gas (within the first phase - 9 billion), six billion of which will be transported to Turkey and ten billion to Europe.

Subscribe to Trend in Google News! Subscribe
Turkey unveils its economy sectors attracting foreign investors
Turkey unveils its economy sectors attracting foreign investors
Cairo-Moscow flight returns to airport due to suspicious message in cabin
Cairo-Moscow flight returns to airport due to suspicious message in cabin
2nd ICD – CIBAFI Webinar Discussed the Emergence of Cryptocurrencies and its Potential for the Growth of Islamic Finance Industry
2nd ICD – CIBAFI Webinar Discussed the Emergence of Cryptocurrencies and its Potential for the Growth of Islamic Finance Industry
Loading Bars
Latest
Japanese Noritsuisu Co. Ltd preparing to launch new project in Uzbekistan
Kazakhstan’s mining company opens tender on spare parts for truck
Uzbekistan to build its first digital control system substation
Turkey unveils its economy sectors attracting foreign investors
Azerbaijan reveals TOP-10 banks in terms of income for 3Q2021
Azerbaijan’s TOP-10 banks in expenditures terms for 3Q2021 revealed
TBC Bank to financially support Georgian farmers
Kazakhstan draws up national project for energy complex dev’t by 2025
Kazakhstan discloses deterioration degree of local power grids
Cairo-Moscow flight returns to airport due to suspicious message in cabin
Norwegian Air to lease 13 Boeing planes
McDonald's sales soar on higher prices, newer menu items
Iran supports development of constructive relations with Azerbaijan - FM
Iran’s PMO declares volume of essential products available in ports
TOP-10 Azerbaijani banks in terms of net profit for 3Q2021
Azerbaijan inks new deals with several states on investment in its Alat FEZ - ministry
Kazakhstan increases mobile internet speed in September
IMIDRO reveals data on iron ore concentrate production in Iran
Renaissance Capital forecasts inflation in Georgia to slow down
Azerbaijan talks possible vaccination of adolescents prone to catching COVID-19
Kazakhstan considering introducing carbon tax
India, Kyrgyzstan hold first strategic dialogue, discuss Afghanistan
Uzbekistan Railways modernizing railway carriages to increase passenger traffic
Japanese TEPCO plans to continue investment in Georgia's energy sector
Iran’s Bahar Azadi gold coin price rebounds
Iran`s TEDPIX on the rise after week of decline
Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds
OPEC ready to strengthen co-op with Turkmenistan
Kazakh Energy Ministry working on building nuclear power plant
Uzbek Ministry of Finance to cancel fees for purchase of used cars in 2022
Indian Railways changes policy, PSUs to now compete in open market for tenders
Turkey's leather exports to Iran up in value for 9M2021
Azerbaijan confirms 2,300 more COVID-19 cases, 1,248 recoveries
Azerbaijan shares data on number of vaccinated citizens
Georgia and Spain eye to launch direct flights between capitals
Azerbaijan, WB ink new loan agreement
Iron ore concentrate production by giant Iranian companies up
Turkmenistan starts experimental growth of papaya in Mary region
IMF revising India's growth forecast is 'gross under estimation': N K Singh
Turkish KOSGEB talks interest in implementing projects in Azerbaijan's Karabakh
Decarbonization of economy to transform Kazakhstan’s fuel and energy complex – minister
Kazakhstan's trade indicators with EAEU member states for 8M2021 unveiled
Kazakhstan records decrease in renewable energy tariffs
Bank Keshavarzi Iran provides loans for construction of greenhouses
State Grain Fund of Azerbaijan transferred to jurisdiction of State Reserves Agency
Azerbaijani President Ilham Aliyev congratulates President of Czech Republic
Iran resumes rice imports
Israel government foreign currency bonds to trade on Tel Aviv bourse
Putin, Finnish president to discuss bilateral cooperation, global issues — Kremlin
Uber partners with Hertz to offer 50,000 Tesla rentals to U.S. ride-hail drivers
Turkmenistan and Iran to expand trade ties
Equinor slightly reduces equity production of liquids and gas
Nar upgrades another sale and service center (PHOTO)
Achieving carbon neutrality in Kazakhstan requires big investments - minister
Amount of loans issued by Bank Keshavarzi Iran increasing
Azerbaijan’s liberated lands to soon become example of modern production for entire region – Erdogan
Iran reveals COVID-19 data for October 27
Equinor expects 2% increase in 2021 liquids and gas production
Iran, Uzbekistan seek to boost ties both regionally and internationally
Iran`s Raisi reaffirms will to boost ties with Turkmenistan
AIIB helps strengthen healthcare infrastructure in India
Turkmenistan, Iran discuss issues on boosting transport communication
Turkmenistan, Iran interested in intensifying contacts in regional, int’l structures
Kazakhstan, Kyrgyzstan consider resumption of passenger rail transport
Amount of addressed state social benefits proposed to raise in Azerbaijan
Iran determined to pay off gas debt to Turkmenistan – Iranian minister
2nd ICD – CIBAFI Webinar Discussed the Emergence of Cryptocurrencies and its Potential for the Growth of Islamic Finance Industry
Georgia, Poland to co-op in railway sector under EU-funded project
Kazakh gold extracting venture opens tender to buy spares
Equinor’s non-current assets drop in Azerbaijan
Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh
Central Bank of Iran unveils details of oil exports
Reps of Turkish National Defense University visit Azerbaijani military educational institutions (PHOTO)
Azerbaijan may increase need criterion next year
India among top 10 in the world for cliate technology investments: report
Turkmenistan launches production of filament lamps
Azerbaijan to increase budget financing of healthсare sector in 2022
Turkmenbashi complex of oil refineries open tender for construction of hydrogen production unit
Equinor reduces liquids output from Azeri-Chirag-Gunashli
Activity of most filling stations in Iran resumed
Turkmenistan increases imports of Turkish leather goods
Turkey discloses cargo traffic via local ports from US in 9M2021
Iran shares data on electricity generation of Manjil Wind Power Plant
Turkey-Azerbaijan trade turnover for 9M2021 revealed
SOCAR announces planned works at Baku Oil Refinery
Kazakhstan slightly increases raw sulfur production volumes
BSTDB reveals portfolio of signed operations in Azerbaijan (Exclusive)
Turkey announces growth in foreign trade turnover
Georgian bureaucratic expenditures need to be cut - IDFI
Saudi Energy Minister says carbon offsets can help with emissions goal
Azerbaijan plans to increase living wage
Businessmen in Karabakh to be exempt from certain taxes, fees - ministry (PHOTO)
TAP deploying new solutions to ensure efficient and secure operations
Azerbaijan's state budget spending on science to grow in 2022
TAP consortium to open tenders in digitalization area
Iran’s NIDC discloses number of oil-gas wells drilled in country
Azerbaijani ministry talks strategic importance of rivers in liberated territories
Azerbaijani FM tweets about anniversary of Armenia's missile attack on Barda (PHOTO)
Ruins of house destroyed by Armenian missile strike on Azerbaijan's Tartar during Second Karabakh War to be museum (PHOTO/VIDEO)
Indian military cannot operate effectively without Russian supplied equipment: CRS report
All news