The second stage of the Shah Deniz gas condensate field development will enhance the energy security of Europe, British Foreign Secretary William Hague said at a signing ceremony for the final investment decision on the Shah Deniz -2 project in Baku on Tuesday.
"This project is important for the following reasons," he said. "It will increase the energy security of Europe, strengthen competition in the European gas market and affect the gas price, support the fight against climate change, bring profits to the project participants and create more than 30,000 new jobs.
"I am proud that British companies led by BP are involved in this project," he said.
"The implementation of the second phase of the Shah Deniz gas condensate field development project will strengthen Azerbaijani- British relations and the sides must examine ways of enhancing bilateral cooperation," he said.
The signing ceremony for the final investment decision on Shah Deniz-2 project began in Baku today.
Azerbaijani President Ilham Aliyev, his wife Mehriban Aliyeva and heads of several countries and governments attend edthe event.
The Shah Deniz-2 project authorisation means the transition of the project from the concept into an immediate implementation stage.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. Its reserves are estimated at 1.2 trillion cubic meters of gas.
The cost of the second phase of development of the Shah Deniz gas condensate field is estimated at $25 billion.
Within the second phase of development it is planned to produce some 16 billion cubic meters of gas, within the first phase it will be nine billion, six billion of which will be transported to Turkey and 10 billion to Europe.