A BP PLC (BP) led consortium working on Azerbaijan’s Shah Deniz natural gas field will make a final investment decision on development of the second stage of the field in 2013, the head of Azerbaijan’s state energy company Socar, Elshad Nasirov, said Wednesday. Azerbaijan plans to ship 10 billion cubic meters of natural gas to Europe by 2017 and 6 billion to Turkey from the second stage of the project. Total project costs are estimated at $20 billion. Four pipeline projects, including the European Union-backed Nabucco, are competing for gas from the field. BP operates the Shah Deniz field and holds a 25.5% stake. Statoil ASA (STO) also owns 25.5%, Socar, OAO Lukoil Holdings (LKOH.RS) of Russia, France’s Total SA (TOT) and National Iranian Oil Co. all own 10% each, while Turkey’s TPAO owns 9%.
-By Jacob Gronholt-Pedersen and Aida Sultanova, Dow Jones Newswires; +7 495 232-9197, jacob.pedersen@dowjones.com
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