Shah Deniz Phase Two FID brings clarity to the Southern Corridor
Azerbaijan’s Shah Deniz consortium has taken the much-anticipated Final Investment Decision (FID) on its Phase Two development. FID was announced alongside a number of other deals that bring greater clarity to Europe’s future Southern Corridor. SOCAR, Azerbaijan’s state energy company will become the second largest upstream partner after a 10% farm-down by Statoil. Operator BP also increased its stake in the project, for which the Production Sharing Agreement is to be extended to 2048.