Shah Deniz commences FEED phase with $25 billion investment

Shah Deniz commences FEED phase with $25 billion investment

10:56 AM, 18th April 2012
Shah Deniz commences FEED phase with $25 billion investment
Rashid Javanshir, President, Azerbaijan, Georgia and Turkey region, BP.

LONDON, UK: The Shah Deniz consortium has reached an important milestone and approved the decision to commence Front End Engineering and Design (FEED) on the estimated $25 billion Shah Deniz Stage 2 project. The Shah Deniz Stage 2 project will bring gas from the Caspian Sea to markets in Turkey and Europe, opening up the ‘Southern Gas Corridor.’ Achieving this important milestone allows the consortium to maintain its target for first gas exports around the end of 2017.

The Shah Deniz 2 project is set to produce 16 billion cubic metre of gas per year. The entry into FEED represents the start of a key phase in the project during which engineering studies will be refined, further wells will be drilled, commercial agreements will be finalised and key construction contracts will commence. During the FEED phase of the project, the Shah Deniz consortium will finalise its selection of export routes across Turkey and into Europe.

“Over the past two years we have made substantial progress on all the individual components of this mega-project. Engineering studies, commercial agreements and the support of the State of Azerbaijan and other governments give the Shah Deniz consortium the confidence to embark upon this FEED phase. With more than 26 wells, two new platforms, a terminal expansion and up to 4000km of new pipelines to Europe, this chain of major projects represent one of the largest oil and gas developments in the world,” said Rashid Javanshir, President, Azerbaijan, Georgia and Turkey Region, BP.

© WOC News 



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

BASF increases ammonium plant capacity in Germany

LUDWIGSHAFEN, GERMANY: BASF is increasing the production capacity of its ammonium bicarbonate and ammonium carbonate plant at Ludwigshafen by 30 per c ...

Read more
Cabot, Risun invest $140 million in carbon black facility in China

XINGTAI, CHINA: Cabot Corporation and joint venture partner Risun Chemicals Ltd broke ground on its new carbon black manufacturing facility in Xingtai ...

Read more
Teijin to enhance fibre and textile R&D functions in China

TOKYO, JAPAN/NANTONG, CHINA: Teijin Limited plans to establish Teijin Product Development China Ltd this August to conduct fibre and textile product r ...

Read more
Ube forms dimethyl carbonate JV in China

TOKYO, JAPAN: Ube Industries has reached agreement with Henan Zhongyuan Dahua Group and HighChem Ltd to establish a joint venture in China for the man ...

Read more
Vision Capital acquires Vitopel from DLJ Merchant and JP Morgan

NEW YORK, US: Vision Capital has acquired Vitopel from DLJ Merchant Banking Partners and JP Morgan Partners. Vitopel is the market leader in bi-axiall ...

Read more
Gevo gets patent for new isobutanol-producing method

ENGLEWOOD, US: Gevo announced the award of its eighth US patent in only eight months. The US Patent and Trademark Office granted Gevo US Patent No 8,1 ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X