Uzbekneftegaz in Talks to Join Azerbaijan's Shah Deniz Gas Project

(Reuters) — Uzbek energy firm Uzbekneftegaz is in talks with Azerbaijan's SOCAR over joining a project to develop Shah Deniz, the largest gas field in the Azerbaijani section of the Caspian Sea, an Uzbek official said on Tuesday.

"The issue of Uzbekneftegaz's involvement in gas production projects is being discussed," Uzbekistan's minister of Investment, Industry and Trade Lyaziz Kudratov said, adding the talks were about participation in BP-led Shah Deniz.

Negotiations are also underway for SOCAR to participate in oil and gas production projects in Uzbekistan, he said.

On its website BP said Shah Deniz is one of the world's largest gas condensate fields. It is located on the deepwater shelf of the Caspian Sea 70 km south-east of Baku, in water depths ranging from 50 meters to 500 meters.

SOCAR oversees the project on behalf of the Azeri state. BP has a 29.99% stake, while Lukoil has 19.99%, TPAO has 19%, NIKO has 10%, and SGC Upstream has 21.02%.

BP operates Shah Deniz on behalf of its partners in the Shah Deniz Production Sharing Agreement (PSA).

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