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Hogan Lovells Advises on Development of Caspian Sea Gas Field

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Hogan Lovells has advised the Shah Deniz Consortium (consisting of BP, the State Oil Company of the Republic of Azerbaijan, Statoil, Total, Lukoil, TPAO, and NICO) as project counsel for the Stage 2 development of the Shah Deniz gas field in the Caspian Sea, which reached a final investment decision on December 17, 2013.

The Shah Deniz Stage 2 project is expected to diversify the European gas supply by bringing over 10 billion cubic meters a year of gas directly from the Caspian Sea, with another 6 bcma being sold to BOTAS in Turkey – in the process opening up what's being called the “Southern Gas Corridor.”  

Hogan Lovells Energy Partner Richard Tyler, who led the team, said that the project represents “an historic step in the Republic of Azerbaijan's development as a major gas exporter”, and suggested that “implementation of the Project will alter the energy landscape of Europe and contribute significantly to Europe's energy security and diversity of supply. Azerbaijan's President Ilham Aliyev described the project as "the Contract of the 21st Century".

Tyler was supported by fellow Hogan Lovells Partners David Moss and David Levin, Senior Associate Ben Sulaiman; Of Counsels Colin Graham, Elisabeth Blunsdon, and Joanne Ede; Associates Matteo Matteucci, Janet Duff, and Oliver Searle; Consultant Jeremy Deeley; and Counsel Tobias Flasbarth. Hogan Lovells partners in Brussels and Rome assisted as well.