OREANDA-NEWS. May 12, 2010. The State Oil Company of Azerbaijan (SOCAR) did not make decisions on freezing or postponement of realization of Phase 2 of Shah Deniz Project (a gas condensate field in Azerbaijani sector of the Caspian Sea).

SOCAR president Rovnag Abdullayev says that there are no problems with realization of the Project.

“We sanctioned works within Phase 2 in November 2009. Solutions of issues relating to commercial projects (definition of sales market and ways of delivery) is ongoing in parallel with surveys and engineering),” he said.

Earlier some media stated that Azerbaijan allegedly postponed Shah Deniz Project for 2017.

“There is no speech of stoppage of the Project. We gave sanction when approving annual work program. The Project operator does not stop work,” SOCAR Investment Department’s head Vagif Aliyev said.

The field’s reserves are estimated in 1.2 trillion cu m and within Phase 2 growth of annual production can reach 16-25 bn cu m a year against Phase 1 (8.6-9 bn cu m).