Hogan Lovells advises Shah Deniz Consortium on gas field development
Hogan Lovells has advised the Shah Deniz Consortium — which comprises BP, State Oil Company of the Republic of Azerbaijan (SOCAR), Statoil, Total, Lukoil, TPAO and NICO — as project counsel for the Stage 2 development of the Shah Deniz gas field in the Caspian Sea, off Azerbaijan, which reached final investment decision (FID) on 17 December 2013.
The Shah Deniz Stage 2 project is set to diversify European gas supply by bringing gas directly from the Caspian to Europe for the first time, opening up the Southern Gas Corridor. It will also increase existing Shah Deniz gas supplies to Turkey and Georgia.
The suite of agreements underpinning the Shah Deniz Stage 2 development and Southern Corridor pipeline projects with a total investment of $45bn (£28bn) includes intergovernmental and host government agreements, production sharing agreement amendment and extension, the consortium’s joint operating and shareholders’ agreements, multiple gas transportation agreements and multiple long-term gas sales agreements (the signing of which was announced in September 2013).
The Hogan Lovells team advising was led by London energy partner Richard Tyler with support from fellow partners David Moss and David Levin. The core team also consisted of senior associate Ben Sulaiman, of-counsel Colin Graham, Elisabeth Blunsdon and Joanne Ede, associates Matteo Matteucci, Janet Duff and Oliver Searle, consultant Jeremy Deeley and counsel Tobias Flasbarth.
Banking partner Andrew Welbourn provided advice on credit support issues. Support on European and national regulatory issues was provided by Hogan Lovells’ offices in Brussels and Rome, led by partners Matthew Levitt and Francesca Angeloni.
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