LNG supplies from U.S. to Europe not to affect export of Azerbaijani gas

Photo: LNG supplies from U.S. to Europe not to affect export of Azerbaijani gas  / Economy news

Baku, Azerbaijan, April 23

By Emil Ismayilov - Trend:

Liquefied gas supplies from the U.S. to Europe will not affect the export of Azerbaijani gas to the European market, U.S. ambassador to Azerbaijan Richard Morningstar told journalists in Baku on April 23.

"We are considering the issue of liquefied gas supplies from the U.S. to Europe," the high-ranking diplomat said. "This will have no effect on gas exports from Azerbaijan."

"The gas supplies to Europe from various sources will ensure the reliability of its fuel supply," he said.

The Southern Gas Corridor is a project which will allow Europe to diversify its sources for hydrocarbon supplies, increase energy security and allow Azerbaijan to obtain a new market represented by Europe.

On December 17, 2013 a final investment decision was made on the second phase of Azerbaijani Shah Deniz offshore gas and condensate field development. Some 10 billion cubic meters of gas from this field will be supplied to the European market.

The gas to be extracted within the second phase of the field development will be exported to Turkey and European markets by expanding the South Caucasus Gas Pipeline and constructing the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Gas Pipeline (TAP).

The contract for development of the Shah Deniz offshore field, which has proven reserves of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.

Participants in the Shah Deniz field development are the State Oil Company of Azerbaijan (SOCAR) with a share of 16.7 percent, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent) , French Total (10 percent), Russia's Lukoil (10 percent), Turkish TPAO (9 percent).

Translated by NH
Edited by S.I.

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