ENGIE, Shell, Azerbaijan Gas Supply Company (AGSC) and SOCAR have agreed on a partial transfer of ENGIE’s Shah Deniz gas supply contract to Shell Energy Europe Limited.

Azerbaijan’s oil and gas sector still accounts for a huge share in the country’s GDP.

Shah Deniz 2, one of the largest gas developments in the world, will help increase European energy security by bringing Caspian gas resources to markets in Europe for the very first time.

From 2001 and to August 1, 2019, the State Oil Fund of Azerbaijan (SOFAZ) received $143.37 billion within the framework of the project of development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.

The Southern Gas Corridor (SGC) is one of the most significant and ambitious undertakings within the global oil and gas industry.

Azerbaijan gradually takes an advantage in the world gas market against a background of rising demand for this raw material. Since the beginning of the 2000s, the prospects of natural gas production in Europe are declining and this creates great opportunities for Azerbaijani gas to expand presence in the European market.

Exploratory drilling of the deep-lying horizons of the Shah Deniz field will begin in 2020, Gary Jones, Regional President for Azerbaijan, Georgia and Turkey (AGT) at BP, said at the Caspian Oil and Gas conference in Baku, Trend reports.

Since gaining independence, Azerbaijan, a country rich in hydrocarbon reserves, has been attracting many world famous oil and gas companies.

The giant Shah Deniz field, which has the capacity to export a large amount of natural gas to the world, makes companies operating here extend their contracts due to high profits and secure future.

UK EXPRO international oilfield service company is looking at expanding its core services within three key areas in Azerbaijan, the company told Trend.