BP (BP.LN) has been approached by the State Oil Company of Azerbaijan Republic, SOCAR, to participate in the Trans-Antolian gas pipeline, or TANAP, project, Al Cook, vice-president of Shah Deniz Development for BP, told reporters Thursday.
BP (BP.LN) has been approached by the State Oil Company of
Azerbaijan
Republic
,
SOCAR, to participate in the Trans-Antolian gas pipeline, or TANAP, project, Al
Cook, vice-president of Shah Deniz Development for BP, told reporters Thursday.
"We have received a formal invitation from SOCAR to join TANAP," said
Mr. Cook. "We will support SOCAR with our experience in operating
pipelines and therefore we would like to have enough material stake to support
and contribute to the project."
TANAP is a proposed natural gas pipeline from
Azerbaijan
through
Turkey
to
Europe
,
which would transport gas from the second stage of the Shah Deniz gas field,
the largest natural gas field in
Azerbaijan
,
situated in the
South Caspian Sea
.
Shah Deniz Stage 2 is expected to add a further 16 billion cubic meters a year
of gas production to the 9 billion from Shah Deniz Stage 1.
"We want to develop these pipelines to understand them better, to
understand how much they are going to cost, to understand what gas markets they
can reach," Mr. Cook said.
"Then, once we have a better understanding of the value and risks of the
pipelines, we will make a decision on whether we select TAP or Nabucco West
[two competing pipelines]," he added.
"We will treat TAP and Nabucco West, the two European pipeline options,
equally and in the same way. We will sign the same agreements with both
projects. Although we have reached an agreement in principle to take equity in
TAP, we also plan to reach an agreement to take equity in Nabucco West,"
Mr. Cook said.
Previously, SOCAR president Rovnag Abdullaev said that the company is
interested in attracting new participants to the TANAP project, in which it has
80%. He said that several companies expressed their interest including BP,
Statoil (STL.OS) and Total (FP.FR).
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