BP shuts Shah Deniz gasfield

Jan 05, 2007 01:00 AM

BP has shut the giant Shah Deniz gasfield in the Caspian Sea indefinitely, due to technical problems.
BP is the 25 % owner and operator of Shah Deniz, which is believed to contain 1 tcm of gas, making it the largest gas discovery ever made by the group.

The $ 4.5 bn Shah Deniz project went on stream last December and is expected to produce 8.6 bn cm of gas per annum.
“It started production in mid-December and was shut down fairly soon after due to technical problems,” a BP spokesman said. “These are teething problems and they are being fixed,” he added.

Norway's Statoil owns 25 % of the field, while France's Total, Russia's LUKoil and Azerbaijan's state oil company SOCAR hold 10 % each.

Source /AFX
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