Azernews.Az

The Shah Deniz-2 project is of a 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, Turkish media reported.

Yavuz said this project will contribute to the development of the region, including Turkey.

The Shah Deniz Consortium made the final investment decision (FID) on the second stage of offshore gas condensate field development on December 17.

The agreement was signed by SOCAR President Rovnag Abdullayev and the regional president of BP in Azerbaijan, Georgia and Turkey Gordon Birrell.

The gas which will be produced in the second phase of Shah Deniz field is considered as the main source of the Southern Gas Corridor project. 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.

Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.