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23.12.2013 11:13

BP CEO: My intuition tells me the Shah Deniz field has large reserves

The day of adoption of the final investment decision on Shah Deniz-2 project is historical for Azerbaijan and is important for the countries through which the gas transportation infrastructure designed to ensure the access of Azerbaijani gas to Europe will pass, head of the British BP (operator of Shah Deniz) Bob Dudley said at a press conference in Baku on Dec.17.
"I believe this day is very important and historic for Azerbaijan. It is important for the countries through which the pipeline will pass, and the companies that will invest. This is an unusual, complex and gigantic project. We are proud of the fact that we will carry out these operations, and for us it is a very great responsibility to ensure the delivery of Azerbaijani gas to Europe, "Dudley said.
BP will continue exploration and seismic work at the Shah Deniz field, which requires the use of modern technology, according to the BP head.
"My intuition tells me the field has large reserves, which will be enough for many years", the head of BP stressed.
The final investment decision on Shah Deniz-2 project was adopted in Baku on Dec.17. The gas within the second stage of development of the field will be exported to Europe through the expansion of the South Caucasus gas pipeline and construction of the Trans-Anatolian and Trans-Adriatic pipelines.
The proven reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.
The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.
Talking about the development of Azeri-Chirag-Guneshli block of oil and gas fields, Dudley said that currently the company is carrying out all the necessary work for stabilization of production at the block.
Answering the question about the possible lifting of sanctions imposed against Iran, the BP head said that the company hasn't followed Iranian developments recently.
"Of course, everything can change. There will be a large gas pipeline in Turkey which we intend to construct and perhaps other gas can also be transported through it. But it remains to be seen," Dudley said.

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