The Azerbaijan State News Agency

ECONOMY

PREPARATORY WORK IN PROGRESS IN SHAHDENIZ

28.10.2004 [14:12]
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Production of the first gas from Shahdeniz field in the Azerbaijan sector of the Caspian Sea is expected for mid-2006, and preparatory work is continuing according to schedule, press-service of the State Oil Company of Azerbaijan /SOCAR/ said. In the first phase of the project, the annual production of gas and gas condensate is estimated at 178 bln cmb and 34 mln tons respectively, and the next phases will bring 8-116 bln cmb of gas and 2 mln tons of gas condensate.

Shares of the parties to the Shahdeniz projects are: BP (UK) - 25%, Statoil (Norway)- 25%, SOCAR (Azerbaijan) - 10% Lukagip (Russia-Italy) - 10%, OIES (Iran) - 10%, Total (France - 10%, and TRAO (Turkey) - 9%.