Rovnag Abdullayev: SOCAR is ready to take over Shah Deniz commitments once foreign contracts expire

If after 2036 Azerbaijan does not extend contracts for the development of Shah Deniz gas and condensate field with foreign partners, all commitments on gas contracts will be taken over by the State Oil Company of Azerbaijan (SOCAR), the company's president Rovnag Abdullayev said at a press conference on Thursday, Trend reports.

According to Abdullayev, in 2012 it was decided to extend the contract until 2036.

The total reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.

The contract for development of the Shah Deniz offshore field was signed in June 1996. The agreement's participants are: BP (operator) - 25.5%, Statoil - 25.5%, NICO - 10%, Total - 10%, Lukoil - 10%, TPAO - 9% and SOCAR - 10%.