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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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