The BP-led Shakh Deniz consortium has taken a final investment decision (FID) on the second phase of the Azeri offshore field, the main gas source for Europe’s southern corridor to reduce dependence on Russian gas. Phase 2 costs are now expected to hit $28bn, BP says, up from the $25bn quoted last month. The revision follows the completion of the initial engineering study and service contract tenders. BP has revised up cost estimates for the second phase several times.
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