• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 25 mins EU has already lost the Trump vs. EU Trade War
  • 8 hours Impeachment S**te
  • 2 days Science: Only correct if it fits the popular narrative
  • 15 hours 55.00 WTI
  • 2 hours More dumbed down? re Hong Kong Act of Congress
  • 3 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Crazy Stories From Round The World
  • 1 hour U.S. Shale To Break Records Despite Bearish Rhetoric
  • 23 hours Everything You Need To Know About Trump
  • 15 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 18 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Water, Trump, and Israel’s National Security
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
The Truth Behind Iran’s “Massive” Oil Find

The Truth Behind Iran’s “Massive” Oil Find

Iran’s latest massive oil find…

Icahn: Occidental Won't Hit Target Without Asset Sale

Icahn: Occidental Won't Hit Target Without Asset Sale

Activist investor Carl Icahn has…

BP’s Azerbaijan Gas Project Will Cost $18 Billion

BP Rig

BP has revealed the cost of its contracts in the second phase of its development of the offshore Shah Deniz gas and condensate field in Azerbaijan, and the expansion of the South Caucasus pipeline. A message from the company stated that the contracts are worth approximately $18 billion. The project is on schedule and is about 82 percent complete.

The Shah Deniz field is thought to be home to 1.2 trillion cubic meters of natural gas and an estimated 240 million tons of condensate.

The second phase of the Shah Deniz development will entail delivering gas to markets in Turkey and Europe via the expanded South Caucasus pipeline, and the construction of the Trans-Anatolian Natural Gas Pipeline and the Trans-Adriatic Pipeline. Once the second phase of the project is implemented, gas output from the region should be boosted from 9 billion cubic meters per year to 16 billion cubic meters.

According to BP, the pipe-lay barge Isafil Huseynov has completed the installation of the first flowline from the Shah Deniz field from the North Flank cluster to the platform location, and is in the process of installing a second flowline before it moves to the West Flank where it will install two more flowlines. The subsea construction ship Khankendi will be deployed to the Shah Deniz 2 area to build the necessary infrastructure. The Khankendi is being prepared for commissioning and certification.

The contracts for the Shah Deniz development were signed back on June 4, 1996. BP owns 28.8 percent of the project, and AzSD holds 10 percent. Other shareholders include SGC Upstream at 6.7 percent, Petronas which holds 15.5 percent, Lukoil and NIOC which hold 10 percent each; and TPAO which owns 19 percent of the project. The effort to expand the Sangachal oil and gas terminal is also moving ahead according to schedule.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play