SOCAR Ready To Take Over Shah Deniz Obligations in 2036

If Azerbaijan does not extend its contracts to develop the Shah Deniz gas condensate field with its foreign partners after 2036, the state oil and gas company SOCAR is ready to take on those responsibilities, SOCAR CEO Rovnag Abdullayev said.

Abdullayev noted that a decision was made in 2012 to extend the contract for an additional five years, to 2036.

Total reserves at the Shah Deniz field are estimated to be 1.2 trillion cubic meters of gas.

The contract to develop the Shah Deniz offshore field was signed on June 4, 1996. PArtners in the project include BP (the operator) with a 25.5% stake, Statoil - 25.5%, NICO - 10%, Total - 10%, Lukoil - 10%, SOCAR - 10% and TPAO with 9%.

Source: Samotlor Express , 2013г.