Shah Deniz-2 project to draw $40 billion expenditure
Baku, December 7 (AZERTAC). Partners on development of Shah Deniz gas and condensate field will spend some $40 billion on the second phase of the project's realization, BP's Regional President for Azerbaijan, Georgia and Turkey (AGT), Gordon Birrell said at the Caspian Forum in Istanbul.
About $20 billion will be spent for creation of the production infrastructure, Birrell said.
He added that this year expenditures on development of the Shah Deniz field will amount to $2 billion.
Two offshore platforms will be installed and more than 20 underwater wells will be drilled in order to produce additional 16 billion cubic meters of gas per year as part of the Shah Deniz-2 project.
Peak production at the field in the first stage of development is projected at nine billion cubic meters. According to forecasts, in the second stage of field's development the gas production can be brought up to 24 billion cubic meters per year.
Reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.
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