17 April 2012 15:22 [Source: ICIS news]
LONDON (ICIS)--The consortium developing Azerbaijan's giant Shah Deniz II gas field, from which EU countries plan to source gas for decades, is to embark upon the front-end engineering and design (FEED) phase, BP said on Tuesday.
Several Asia-to-Europe pipeline projects, including the EU-backed Nabucco, are bidding to win the right to draw gas from the field, which BP says is being developed at a cost of around $25bn (€33bn).
The decision to move to the FEED stage was announced following a meeting between Azerbaijani President Ilham Aliyev and BP CEO Bob Dudley in the Azerbaijani capital of ?xml:namespace>
The project is expected to add a further 16bn cubic metres per year (bcma) of gas production to the approximately 9 bcma that is drawn from Shah Deniz I, BP said.
($1 = €0.76)
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