Azerbaijan can boost annual gas exports to 50bn m3 by 2050, deputy energy minister Natig Abbasov said recently.

BP PLC, on behalf of the Shah Deniz consortium, has let a $1.5-billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 offshore Azerbaijan to the BOS Shelf LLC, Saipem Contracting Netherlands BV, and Star Gulf FZCO consortium.

Last month, the state-owned Southern Gas Corridor Company (SGCC) raised $1bn in a 10-year eurobond at 6.875% yield. However, it met only half of its original plan.

But in order to extract those resources, BP has had to wage a battle to control inflated costs and root out fraud, internal documents and interviews with former employees of BP and its contractors show.

Azerbaijan’s commercial gas production increased by 6.2 percent in 10 month of 2015, compared to the same period in last year, the State Statistical Committee of Azerbaijan reported on November 17.

Under the second stage of the Production Sharing Agreement of the Shah Deniz Project in Azerbaijan, LUKOIL Overseas Shah Deniz Ltd. (a fully-owned PJSC LUKOIL subsidiary) has signed in Baku a 12 year credit-facility agreement with a consortium of banks to borrow USD 1 billion.

SAIPEM WINS $ 750 MILLION CONTRACT CONFIRMED