An Iranian deputy oil minister said the country, which owns 10 percent of Azerbaijan’s Shah Deniz natural gas field, has no plan to increase or sell its shares.
Speaking to the Tasnim News Agency on Monday, Ali Majedi said the gain of share ownership in Shah Deniz will be allocated for the development of the offshore gas field.
None of the shareholders will sell or increase their shares, he noted, explaining that the revenue from the first phase of the gas field will be spent for the development of its 2nd phase.
Known as the largest natural gas field in Azerbaijan, Shah Deniz is located in the Caspian Sea, off the coast of Azerbaijan. The field was discovered in 1999.
Exploration of the gas field is led by Britain’s BP, which holds a 25.5% share in it. Norway’s Statoil, France’s Total, Azerbaijan’s State Oil Company (SOCAR) and Turkey’s National Oil and Gas Company (TPAO) are among the other stakeholders.
The field is estimated to contain 1.2 trillion cubic meters of natural gas – reported http://www.tasnimnews.com.
