$12 billion spent as a part of Shah Deniz 2 project
By early June 2016 investments into the Shah Deniz Phase 2 project reached $12 billion, Vagif Aliyev, chief of SOCAR’s Investments Management Department, said yesterday at the meeting with the local NGOs.
He added that 74.2% of the planned works have been already completed. 9 out of 26 planned operation wells have been already drilled. “Between 2014 and 2020 $12 out of planned capital costs worth $23.8 billion have been already spent,” he added.
Aliyev said that currently 162 suppliers of equipment from 23 world countries have been involved in the project.
The Shah Deniz Phase 2 was authorized on December 17, 2013. The Shah Deniz project partners include BP (operator with 28.8%), TPAO (19%), SOCAR (16%), Petronas (15.5%), LUKoil (10%) and NICO (10%).
The first is scheduled to be extracted from the Shah Deniz Phase 2 at the end of June 2018.—0—
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review