TURKISH MINISTER SEES SHAH DENIZ II PROJECT AS SIGNIFICANT SOURCE

ISTANBUL (A.A) - 07.06.2010 - The Turkish energy minister defined on Monday the Shah Deniz II project as a significant natural gas resource.
Turkey's Energy & Natural Resources Minister Taner Yildiz said the Shah Deniz II project would be an important source to provide natural gas to Turkey within 15 years.
"2 billion cubic meters (bcm) of natural gas will be transported through Shah Deniz II pipeline in 2017, and this amount will be raised to 4 bcm in 2018 and 6 bcm in 2019," Yildiz said during energy signing agreements in Istanbul.
Turkey and Azerbaijan signed a memorandum of understanding on sale and transportation of Azerbaijani natural gas to Turkey and to Europe via Turkey.
Also, natural gas will be transported to Turkey's Petrochemical Industry Corporation (PETKIM) through the pipeline to meet the annual need of the corporation.
Also, Azerbaijani Minister of Industry & Energy Natiq Aliyev said with the Shah Deniz II project, 16 bcm natural gas would probably be added to the 9 bcm gas in Shah Deniz I.
Aliyev said Turkey would keep the natural gas it needed from the 16 bcm natural gas within the scope of the security of energy supply.
Shah Deniz gas field is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 70 kilometres (43 mi) southeast of Bakubat, at a depth of 600 metres (2,000 ft). The field covers approximately 860 square kilometres (330 sq mi).
The Shah Deniz field is operated by BP which has a share of 25.5%. Other partners include Statoil (25.5%), SOCAR (10%), Total S.A. (10%), LukAgip, a joint company of Eni and LUKoil (10%), NICO(10%), and TPAO (9%).
Within the framework of the Shah Deniz II project, gas will flow to European countries via Turkey.     
The initial phase of Shah Deniz forecasts 318 billion cubic feet of gas production. That will increase to 706 billion cubic feet once Phase II comes online in 2012.     
Gas production at Shah Deniz began in December 2006.     
(BRC-CE)