Baku, December 17 (AZERTAC). The second stage of the Shah Deniz gas condensate field development will enhance the energy security of Europe, said British Foreign Secretary William Hague at the Shah Deniz 2 Final Investment Decision Signing Ceremony in Baku.

"This project is important for the following reasons," he said. "It will increase the energy security of Europe, strengthen competition in the European gas market and affect the gas price, support the fight against climate change, bring profits to the project participants and create more than 30,000 new jobs.”

"I am proud that British companies led by BP are involved in this project. The implementation of the second phase of the Shah Deniz gas condensate field development project will strengthen Azerbaijani- British relations and the sides must examine ways of enhancing bilateral cooperation," the British Foreign Secretary added.

The Shah Deniz-2 project authorisation means the transition of the project from the concept into an immediate implementation stage.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Its reserves are estimated at 1.2 trillion cubic meters of gas.

The cost of the second phase of development of the Shah Deniz gas condensate field is estimated at $25 billion.

Within the second phase of development it is planned to produce some 16 billion cubic meters of gas, within the first phase it will be nine billion, six billion of which will be transported to Turkey and 10 billion to Europe.