Friday, 27 August 2010

Azerbaijan increases gas supplies to Turkey by 2 billion m³

The State Oil Company of the Azerbaijan Republic (SOCAR) has increased gas supplies to Turkey from 13-14 million m³ to 16 million m³ per day. The increase in supply is partly due to an explosion near a pipeline transporting gas from Iran to Turkey, which meant that Iranian gas supplies in to the country were suspended. According to Turkey’s Energy and Natural Resources Minister Taner Yildiz supplies will resume in approximately 7 days.

Azerbaijan supplies gas to Turkey under a contract on the Shah Deniz offshore gas field. The countract stipulates that Turkey has to receive 6.6 billion m³ of gas per year during the field's first stage. The field's total reserves are estimated at 1.2 trillion m³.

The contract to develop Shah Deniz was signed 4th June 1996, and includes the following participants BP (operator) with 25.5 per cent, Statoil 25.5 per cent, NICO 10 per cent, Total 10 per cent, LukAgip 10 per cent, TPAO 9 per cent and SOCAR with a 10 per cent share.

Source: Trend Azerbaijan

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