Volume of funds spent on SGC projects revealed

Baku, Azerbaijan, June 27

By Leman Zeynalova – Trend:

The volume of funds spent on the Stage 2 of development of Azerbaijan’s Shah Deniz gas and condensate field stood at $17.8 billion as of end of May 2018, Southern Gas Corridor Closed Joint-Stock Company (CJSC) told Trend.

The total cost of Shah Deniz Stage 2 project is currently estimated to be $22.7 billion, said the company.

This is while, as of late April 2018, $4.2 billion has been spent on the South Caucasus Pipeline Expansion Project, which costs $4.5 billion, said the CJSC.

The Trans Anatolian Natural Gas Pipeline (TANAP) project, which costs $8 billion, saw $5.5 billion worth expenditures as of the end of May 2018, according to the company.

The CJSC said that as of late May 2018, 3 billion euros has been spent on the Trans Adriatic Pipeline (TAP) that costs 4.5 billion euros.

A contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserves are estimated at 1.2 trillion cubic meters of gas.

The shareholders in the contract are BP (operator - 28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).

A ceremony to launch Phase 0 of TANAP took place June 12 in the Turkish city of Eskisehir.

TANAP, together with Trans-Adriatic Pipeline (TAP), is a part of the Southern Gas Corridor, which provides for the transportation of gas from the Azerbaijani field Shah Deniz to Europe.

The initial capacity of TANAP is expected to be 16 billion cubic meters of gas per year. About six billion cubic meters will be supplied to Turkey, and the rest to Europe. After completion of the TAP, the gas will reach Europe in early 2020.

The share distribution in TANAP is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, and BP - 12 percent.

The launching ceremony of the first stage of the Southern Gas Corridor project was held in Baku on May 29.

The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.

The Southern Gas Corridor, which costs more than $40 billion, is one of the priority projects for the EU and provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.

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Follow the author on Twitter:@Lyaman_Zeyn

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