WORK UNDER STAGE 1 OF SHAH-DANIZ COMPLETE 62.4%
Work under Stage 1 of the Shah-Daniz project is complete 62.4%, Mike Skitmor, President of the Shah Project, told a news conference on Friday.
According to Skitmor, the work under the project is implemented in two directions вЂ" the installation of sea facilities and infrastructure for gas transportation.
The construction of the sea platform РўPG-500 will be complete in the first quarter of 2006.
Skitmor noted that the drilling work will continue. The drilling of the fourth exploitation well will start in August and end late 2005 or early 2006. Drilling work will be implemented by the help of Istiglal rig.
According to Skitmor, Stage 1 with the budget of $4.1bn is due to complete in 2030. Initial geological gas reserves of the field are estimated to 38trln cu feet, while condensate вЂ" 2100 million barrels.
"The condensate to be produced under the project will be transported to the Sangachal terminal and distributed among the participants of the project. It can also be transported via the Baku-Tbilisi-Ceyhan main export oil pipeline," he noted.
The TPG-500 platform costs $1.1bn, including $0.5bn to be spent in Azerbaijan.