Shah Deniz conglomerate grants $1.5 billion subsea production agreement

04/05/2016 00:37 Natural Gas

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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.

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