Both of the pipelines projects that are competing to bring gas from the Caspian Sea region to Europe via the Southern Gas Corridor have an equal chance of being selected, BP PLC's (BP.LN) vice president for the Shah Deniz development said Thursday.
Both of the pipelines projects that are competing to bring gas from the
Caspian
Sea
region to
Europe
via the Southern Gas Corridor
have an equal chance of being selected, BP PLC's (BP.LN) vice president for the
Shah Deniz development said Thursday.
"Both pipelines at this stage have an equal chance," Al Cook said in
a press briefing, adding that he didn't know which would make a more compelling
offer.
Mr. Cook confirmed that the consortium behind Shah Deniz--a giant natural gas
field in
Azerbaijan
that
is being planned to allow gas to enter
Europe
without going through countries like
Russia
or
Iran
--intends
to select a pipeline by June of this year.
The decision regarding which pipeline will transport the gas, Nabucco West or
the Trans-Adriatic Pipeline, will be based on several criteria. Profitability
is certainly a role, he said, but added that political support as well as
scalability is also an important factor.
Mr. Cook said BP is happy with their ownership level in the Nabucco West consortium
and not looking to increase their share of 14%. At the same time, he said, the
oil company would not be adverse to another well-funded company joining Nabucco
West. The entire Shah Deniz consortium has an option to acquire a 50% equity
stake in Nabucco West.
Whichever pipeline is chosen, the first Shah Deniz gas will be delivered in
2018 to
Turkey
, he
said, adding that as production is ramped up, BP expects the first gas to reach
Europe
in early 2019.
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