Publication: Monitor Volume: 2 Issue: 67

The State Oil Company of Azerbaijan (SOCAR) yesterday announced the distribution of shares in the $4 billion project to develop the Shah-Deniz oil and gas field off the country’s Caspian shore. British Petroleum and Norway’s Statoil, acting as a consortium, have a stake of 25.5 percent each; Elf Aquitaine of France, 10 percent; Russia’s Lukoil, 10 percent; and Turkey’s TPAO, 9 percent. SOCAR retains the remainder, part of which may be sold to these or to other partners. Estimated reserves at Shah-Deniz are 400 billion cubic meters of gas, 200 million tons of gas condensate, and 100 million tons of oil. (Petroleum Information Agency, April 4) Lukoil has pressed for a larger stake and continues to do so. The project’s start has been delayed by disagreements between Iran and Azerbaijan regarding the possible inclusion of Iran — a move the United States has opposed. Shah-Deniz is the third in a series of giant oil projects launched in Azerbaijan.

Kazakhstan and NATO.