Shah Deniz triples operating expenditure 

In the first half of 2021, Shah Deniz spent more than $1.14 billion in operating expenditure and around $366 million in capital expenditure, the majority of which was associated with the Shah Deniz 2 project, Report informs, citing BP-Azerbaijan.

These figures are respectively up 2.8-fold and down 19% from a year earlier.

In the second quarter of the year, Shah Deniz celebrated its 25th anniversary since the signing of the Shah Deniz Production Sharing Agreement (PSA). The PSA was signed on 4 June 1996 between SOCAR and a consortium of foreign companies. It was ratified by the Milli Majlis and became effective on 17 October the same year. The Shah Deniz 25th anniversary marks an important milestone in the new history of Azerbaijan’s oil and gas industry.

Shah Deniz participating interests are: bp (operator – 28.8%), TPAO (19.0%), PETRONAS (15.5%), AzSD (10.0%), LUKOIL (10.0%), NICO (10.0%) and SGC Upstream (6.7%).