Shah Deniz conglomerate grants $1.5 billion subsea production agreement

04/05/2016 00:37 Natural Gas


The consortium developing the second phase of Azerbaijan's Shah Deniz gas field has awarded a $1.5 billion subsea production agreement to a group involving Saipem, BOS Shelf and Star Gulf FZCO, as it stated on Tuesday.

The consortium has won a contract to run a Subsea Construction Vessel (SCV) to convey and install a deepwater subsea production system, as declared by the Shah Deniz conglomerate, managed by British oil major BP. The group declared the Shah Deniz 2 project was on target to supply its first gas in 2018. In a distinct statement Saipem announced that its share of the contract was valued at $1.3 billion. The Italian oil services conglomerate made known that the contract would last five years with a probable extension for another five. In April Saipem obtained an order to lay the subsea Trans Adriatic Pipeline (TAP) that will transport Azeri gas into Italy. The 870-km TAP pipeline, segment of the so-called southern corridor that will connect Azerbaijan's giant Shah Deniz II field with Italy, is the biggest project to bring new gas supplies to European consumers.

Poland plans to triple solar energy capacity this year

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Poland, which generates most of its electricity from coal, is planning to triple its solar energy capacity this year, Prime Minister Mateusz Morawiecki told Polish radio on Wednesday.


France awards 576 MW in oversubscribed onshore wind tender

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EIB to provide 110 mln euro loan to BEH for Greece-Bulgaria gas link construction

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