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's economy demonstrated robust growth from January to November 2024, with gross domestic product (GDP) rising by 4.7% compared to the same period last year, according to government data. By September, GDP had reached 92.83 billion manats (approximately $54.7 billion USD), reflecting significant progress in diversifying beyond oil and gas, a longstanding focus of economic policy.
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A recent report by the World Bank titled “Breaking Barriers for Women’s Employment in Azerbaijan” sheds light on the significant gender imbalance in the country’s labor market. While both men and women participate actively in the labor force, disparities in employment rates, job quality, and societal attitudes highlight the challenges women continue to face.
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Azerbaijan's consumer price index rose by 4.4% in November 2024 compared to the same month in 2023, driven by higher costs for food, beverages, and services, government data showed on Tuesday.
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Kazakhstan has unveiled plans to develop five major cross-border trade and transport hubs to enhance connectivity and boost economic ties with neighboring countries, Trade and Integration Minister Arman Shakkaliev said on Monday during a government meeting.
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