The Shah Deniz Consortium has signed a series of long-term (25-year) contracts for the supply of gas from the giant Shah Deniz field in the Caspian Sea to Europe. Supplies are to start earliest in 2019. A 40 bcm contract spanning a period of 25 years (1.6 bcm/year) was signed with E.ON. The consortium will also export 2.6 bcm/year to GDF SUEZ (France) while Gas Natural Fenosa (Spain), Bulgargaz (Bulgaria) and DEPA (Greece) will buy 1 bcm/year each. Other buyers are Axpo, Enel, Hera Trading and Shell Energy Europe (undisclosed volume of gas). The nine contracts amount to a total 10 bcm/year.
Earlier this year, the Shah Deniz Consortium (grouping BP, Statoil with 25.5% each, SOCAR, Total, Lukoil, NICO with 10% each and TPAO with 9%) decided to work together with TAP (the Trans Adratic Pipeline consortium) on the supply route to Italy. TAP's shareholders include BP, SOCAR, Statoil (20% each), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).