ECONOMY
US portal posts article about final investment decision of Azerbaijan on extracting gas
Washington, January 5 (AZERTAC). On January 5, the U.S.-based Spanish “Eurasia Hoy” internet portal posted article regarding final investment decision (FID) on extracting gas from the Shah Deniz II gas field in Azerbaijan.
Titled “A final investment decision on extracting Azerbaijani gas made”, the article notes that Baku hosted an official signing ceremony on extracting and transportation of gas from the Shah Deniz II gas field to Europe with participation of leaders of European countries.
Authors of the article point out that the Shah Deniz field was discovered in 1999. It is one of the world`s largest gas-condensate fields, with 40 trillion cubic feet - over 1 trillion cubic metres - of gas in place. It is located on the deep water shelf of the Caspian Sea, 70 km south-east of Baku, in water depths ranging from 50 to 500 m.
The article says the implementation of the second stage of development of the giant Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea will contribute to the region`s economic development.
This decision triggers plans to expand the South Caucasus Pipeline through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline (TANAP) across Turkey and to construct the Trans Adriatic Pipeline (TAP) across Greece, Albania and into Italy. Together these projects, as well as gas transmission infrastructure to Bulgaria, will create a new Southern Gas Corridor to Europe.
Authors underline quotes President Ilham Aliyev as saying “this project will change the energy map of the region and Europe, and it will secure the long-term development of our country”.
Investment costs of building and upgrading of all the pipelines and the development of the gas field will be around 35 Billion Dollars.