TPAO ups stake in Shah Deniz project (UPDATE)
By Aynur Jafarova
Turkish Petroleum Corporation (TPAO) has increased its share in the project on development of Azerbaijan's giant Shah Deniz field in the Caspian Sea to 19 percent.
The relevant agreement on purchase and sale of Total's share in the Shah Deniz project was signed by heads of TPAO and Total Azerbaijan companies, Besim Sisman and Christian Giudicelli, on May 30.
The agreement, which was signed in Istanbul, raised TPAO's stake in the project to 19 percent from a previous 9 percent, while Total exits the project.
The Shah Deniz field, one of the world's largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proven to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe.
The gas which will be produced at the second stage of Azerbaijan's Shah Deniz field development will be the main source of the Southern Gas Corridor, which envisages the transportation of the Caspian gas to European markets