Baku, Azerbaijan, Feb. 4
By Anaxanum Hidayatova - Trend:
Baku will host in the coming weeks a meeting of all parties involved in the implementation of the Southern Gas Corridor, Italy's ambassador to Azerbaijan Giampaolo Cutillo told Trend Feb. 4.
The Italian government will be represented by its Deputy Minister for Economic Development, Mr Claudio De Vincenti.
The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.
A final investment decision was made on December 17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters).
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. It has proven reserve of 1.2 trillion cubic meters of gas.
The share distribution among the agreement parties is as follows: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, and SOCAR - 16.7 percent.