On May 30, 2014 TPAO and Total-Azerbaijan companies signed the contract to purchase-sell 10% share of Total company on the project to develop Azerbaijani offshore gas condensate field Shah Deniz.
On behalf of TPAO the contract has been signed by Besim Shishman and on behalf of Total-Azerbaijan by head of the company Christian Gudidzhelli.
According to the contract, TPAO’s share in the project will be increased up to 19%.
Bloomberg reported that TPAO has bought 10% share of Total company for $1.45 billion. The partners of the Shah-Deniz field development are British BP (28.8%), SOCAR (16.7%), Norwegian Statoil (15.5%), Iranian NICO (10%), French Total (10%), Russian LUKoil (10%) and Turkish TPAO (9%).
The contract for development of Shah Deniz offshore field with the proved resources of 1.2 trillion cub.m. of gas was signed on June 4, 1996.
Gas from the Shah-Deniz field is exported to Turkey and Georgia via the South Caucasian gas pipeline (Baku-Tbilisi-Erzurum).—0—
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