Shah Deniz contract prolonged to 2036

The State Oil Company of the Azerbaijani Republic (SOCAR) and its partners within the project of the development of the Shah Deniz deposit in the Azerbaijani sector of the Caspian Sea signed an agreement on prolongation of the contract until 2036. The previous contract was until 2031.

The agreement was signed in December 2010. It enables implementation of long-term contracts on gas exports.In 2010 6.9 billion of cubic meters of gas and 14.7 million barrels of oil were produced at the Shah Deniz deposit .

In 2009 6.2 billion of cubic meters of gas and 1.7 million tons of oil condensate were developed there.T

he contract on the development of Shah Deniz was signed in 1996. The participants are BP, Statoil, NICO, Total, Lukoil, TPAO, SOCAR.