Baku, Azerbaijan, Dec.18
By Rufiz Hafizoglu - Trend:
Shah Deniz-2 is a project of global significance, head of SOCAR Turkey Enerji (Turkish division of the State Oil Company of Azerbaijan), board member of Petrochemical Holding Petkim Kenan Yavuz said, TRT Haber TV channel reported on Dec.18.
The Shah Deniz-2 project will contribute to the development of the region, including Turkey, according to Yavuz.
The final investment decision on Shah Deniz-2 project was adopted on Dec.17 in Baku.
The Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.
The agreement was signed by SOCAR President Rovnag Abdullayev and the regional president of BP in Azerbaijan, Georgia and Turkey Gordon Birrell.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.
The cost of the second phase of development of the 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 it will be nine billion, six billion of which will be transported to Turkey and 10 billion to Europe.
A consortium of Azerbaijani Shah Deniz gas condensate field development announced its choice of the TAP project in late June, as a gas transportation route to the European markets.
Trans-Anatolian (TANAP) gas pipeline will be constructed for transportation of gas through Turkey's territory.
The initial capacity of the TAP pipeline will be 10 billion cubic meters per year with the possibility of expanding to 20 billion cubic meters per year.
Translated by L.Z.
Edited by C.N.