The BP Plc-led Shah Deniz 2 natural gas project will cost $28 billion, up from the previous estimate of $25 billion, Trend news service said today, citing State Oil Co. of Azerbaijan President Rovnaq Abdullayev.

BP holds 25.5 percent of the project, and the partners include Statoil ASA (STL), OAO Lukoil as well as the Azeri energy producer known as Socar.

Shah Deniz, off the Azeri coast, is estimated to hold 1.2 trillion cubic meters of gas.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net