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—
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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