Uzbekneftegaz, the state-owned holding company of Uzbekistan's oil and gas industry, is contemplating joining the Shah Deniz gas condensate project on the Azerbaijani Caspian shelf, Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov announced during the second Azerbaijan-Uzbekistan Interregional Forum in Guba.
Kudratov expressed hope that the necessary documents formalizing Uzbekneftegaz's entry into Shah Deniz would be signed in the coming months. He highlighted the need for substantial financial and legal expertise, with assistance from a foreign consultant, for their involvement in the project.
The Shah Deniz project, initiated in 1996, had its field development deal renewed in 2013, extending until 2046. Current participants in the project include bp (production operator with a 29.99% stake), Lukoil (19.99%), TPAO (19%), NIKO (10%), and SGC Upstream (representing Azerbaijan's interests with 21.02%).
The Shah Deniz gas reserves are estimated at 1.2 trillion cubic meters, with approximately 20% already extracted.
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