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Shah Deniz Phase 2 requires $22 billion in investment

15 September 2009 12:55 (UTC +04:00)

Baku. Rashad Suleymanov - APA-ECONOMICS. According to estimations, $20-22 billion in investment will be required for the development of Shah Deniz Phase 2 in Azerbaijani sector of the Caspian Sea, said Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR).
According to him, discussions on transportation and sales of natural gas from Phase 2 are under way.

He id that Azerbaijan will reach a milestone of 35-40 billion cubic meters per annum by 2020.

Shah Deniz is estimated to hold 1 trillion. Cubic meters of gas in reserve.

Shah Deniz presently produces 22 million cubic meters of gas and 45 000 barrels of condensate a day.

The Shah Deniz project is a gas and condensate development in the Azerbaijan sector of the Caspian Sea with planned gas exports to foreign countries.
Shah Deniz participating interests are: BP (operator â€“ 25.5%), StatoilHydro (25.5%), SOCAR (10%), LUKOIL (10%), NICO (10%), Total (10%), and TPAO (9%).