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28.10.2013 09:20

$3 billion spent for Shah-Deniz-2 project development

The Shah-Deniz Phase-2 project has not been authorized yet, but its costs already totaled about $3 billion, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), told journalists.
He said the Shah-Deniz Phase-2 project worth $40 billion is among the biggest projects in the world. The project opens the doors to Europe for the Azerbaijani gas, Abdullayev added.
The Shah-Deniz shareholders have started works within the Phase-2 project in 2006. The works have intensified after 2009. By 2011 about 600 specialists worked on the Shah-Deniz Phase-2 project in the London-based BP office and the company has appointed a Vice President to manage the project.
The Shah-Deniz Phase-2 works are estimated at $25 billion. However, during the course of the project implementation its costs could go up to 20%.
The Shah-Deniz Phase-2 is expected to be authorized in December 2013. The first gas within the Phase-2 is planned to be extracted at the end of 2018.

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