Asian Development Bank to grant $450 mln in loan to expand Shah Deniz II project in Azerbaijan

30/03/2016 00:50 Natural Gas

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Azerbaijan state-run energy company Socar has applied for a $450mn loan from the Asian Development Bank (ADB) to bolster its Shah Deniz project.

Shah Deniz, Azerbaijan’s largest gas field, is being developed by BP, Socar and others. The gas field is estimated to hold 1.2 trillion cubic metres of gas. Europe is interested in expanding Shah Deniz field as it seeks to diversify its gas imports and ease its dependence on Russian energy. Shah Deniz I started pumping gas since 2006 and has an annual output capacity of about 10 billion cubic metres (bcm) of natural gas. It is expected to produce 16 bcm of gas a year starting from 2019-2020, with 10 bcm designated for Europe and 6 bcm for Turkey. The second stage of the Shah Deniz field development includes drilling of 26 underwater wells, construction of two offshore platforms, gas and condensate underwater pipelines, expansion of the Sangachal terminal, installation of 2 units of compressor having daily capacity of 900 million cubic feet of gas, and their connection to the Southern Gas Corridor (SGC). The expansion project could cost $28 billion.

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