However, a final investment decision on Shah Deniz 3 is not expected before 2025, he said addressing the European Gas Conference in Vienna.
"Under Phase 3, SOCAR would drill into the deeper layers of the Shah Deniz field. A discovery has already been made in the deeper layers, and although reserves have yet to be confirmed, there are signs that Phase 3 could produce more than the initially expected 5 billion cubic meters per year," Baylarbayov added.
Earlier, BP, operator of Shah Deniz, expressed intention to continue cooperation with SOCAR on Phase 3 of development of Shah Deniz field as well.
A contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.
The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).