Iran ready to invest further in Shah Deniz

The Iranian Deputy Oil Minister has stated that the country is ready to invest in the second stage of exploring the Shah Deniz gas field. Today Iran has a 10% share in this gas deposit. Iran has officially applied to Azerbaijan for permission to participate in the second stage of the exploitation of this field, and expressed a desire to purchase natural gas from it.

Today four wells function at Shah Deniz, its gas being transported to Turkey through the Baku- Tbilisi-Erzerum pipeline. The main shareholders of the project are BP 25.5%, Statoil 25.5%, Total 10%, LUK Agip 10%, TPAO 9% and the Azerbaijan state oil company 10%. Iran owns 10% through the NICO company.