Shah Deniz 2 to provide 4 billion cubic meters of gas in first stage

Azerbaijan expects to start extracting 50 billion cubic meters of gas annually in 2025, Murad Heydarov, Advisor of president of the State Oil Company of the Azerbaijani Republic (SOCAR), told a conference entitled “European prospects for Caspian energy” today, Trend reports.

The conference is held by the Center for Strategic Studies of the Azerbaijani President, the French Institute for International Relations and SOCAR.

Heydarov says the Shah Deniz gas condensate field will yield its first supplies in2017-2018. About 4 billion cubic meters are to be extracted.

Shah Deniz holds about 1.2 trillion cubic meters of gas reserves.

The contract on Shah Deniz development was signed on June 4, 1996. Its shareholders are BP (operator) – 25.5%, Statoil – 25.5%, SOCAR – 10%, NICO – 10%, Total – 10%, Lukoil – 10% and TPAO – 9%.