The project for development of Azerbaijan’s Shah Deniz gas and condensate field is a project which indeed the world should be proud of, said OPEC Secretary General Mohammad Sanusi Barkindo.
He made the remarks in Baku May 29 at the commissioning ceremony of the first stage of the Southern Gas Corridor project, which envisages transportation of Azerbaijani gas to Europe.
“It is a great honor and true pleasure for me to be here at the Sangachal terminal on the Caspian Sea to not only witness the opening ceremony of the 25th Centenary Caspian Oil and Gas Exhibition and Conference, but also opening of this magnificent global undertaking, the Shah Deniz project,” said Barkindo.
He went on to add that Shah Deniz is a clear evidence of Azerbaijani President Ilham Aliyev’s visionary leadership, motivation and determination.
This project envisages a huge multi-billion dollar capital investment and is one of the largest energy projects in the world, noted Barkindo.
“This is a significant added value to Azerbaijan’s economy. It is also a testimony to good partnership on the Shah Deniz project operated by BP and including many oil and gas companies from several countries,” added OPEC secretary general.
Within the implementation of Shah Deniz Stage 2, gas production will increase from 9 to 25 billion cubic meters per year. The produced gas will be exported to Turkey and the European markets through the expansion of the South Caucasus Pipeline and the construction of the Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.
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).
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