Azerbaijan, Turkiye Extend Gas Supply Agreement From Shah Deniz Field
(MENAFN- AzerNews)
Fatime Letifova
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Baku and Ankara have signed an agreement to extend the supply of
Azerbaijani gas under Stage-1 of the Shah Deniz field development,
Azernews reports.
The document, signed for the period of 2025-2028, ensures the
continuation of a fruitful energy partnership between the two
nations.
In the third quarter of 2021, Azerbaijan and Turkiye concluded a
new gas purchase and sale agreement for Stage-1, which stipulated
the supply of 11 billion cubic meters of natural gas via the
Baku-Tbilisi-Erzurum pipeline. The contract, covering the period
from the fourth quarter of 2021 to the end of 2024, provided for
the annual supply of 3.7 billion cubic meters of gas from Shah
Deniz Stage-1. Deliveries under the agreement commenced on October
1, 2021.
The agreement on the exploration, development, and production
sharing for the promising Shah Deniz field was initially signed on
June 4, 1996, and ratified on October 17, 1996. In 2013, the
duration of the Shah Deniz field development agreement was extended
from 2036 to 2046, ensuring a long-term and stable energy
collaboration between Azerbaijan and Türkiye.
The project involves several major energy companies, with BP as
the operator holding a 29.99% stake, followed by Lukoil (19.99%),
TPAO (19%), NIKO (10%), and SGC Upstream (21.02%).
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