The partners developing gas condensate field Shah-Deniz will spend $40 billion for implementation of the Phase 2, Gordon Birrell, BP President for Azerbaijan, Georgia and Turkey, said during the panel discussions at the III Caspian Forum in Istanbul.
He said the costs for creation of the extracting infrastructure will total about $20 billion.
Birrell said that this year the costs for the field development will total $2 billion.
Two offshore platforms will be installed and over 20 underwater wells drilled to extract additional 16 billion cub.m. of gas a year within the framework of the Shah-Deniz Phase 2 project.
The Shah-Deniz field resources are estimated at 1.2 trillion cub.m. of gas.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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