Turkey needs to adjust its legal basis according to new conditions for transit of Azerbaijani gas, head of the State Oil Company of the Azerbaijani Republic (SOCAR) Rovnag Abdullayev said on Wednesday, Trend reports.
Azerbaijan and Turkey have recently started a new round of talks on gas deals, including deals on Azerbaijani gas transit to Europe through Turkey.
Negotiations started on September 13 and are held in normal operating conditions, Abdullayev said. Azerbaijan wants to transport gas from the Shah Deniz field, as the main source for the Southern Gas Corridor project. Shah-Deniz 2 will transport 10 billion cubic meters of gas to Europe annually.
A contract on development of Shah Deniz was signed on June 4, 1996. Its shareholders are BP (operator) – 25.5%, Statoil – 25.5%, NICO – 10%, Total – 10%, Lukoil – 10%, TPAO – 9% and SOCAR – 10%.
The extraction cap is 9 billion cubic meters annually. Forecasts say that the second stage of development will reach 24 billion cubic meters annually. The gas field holds 1.2 trillion cubic meters of reserves.
