Azerbaijan important partner of Europe in long-term gas supplies

Photo: Azerbaijan important partner of Europe in long-term gas supplies

 / Oil&Gas

Baku, Azerbaijan, March 13

By Emil Ismayilov - Trend:

The Southern Gas Corridor is a project allowing Europe to diversify its sources for hydrocarbon supplies and increase energy security and allowing Azerbaijan to obtain a new market represented by Europe, former German Chancellor Gerhard Schroder said on March 13 in Baku.

Schroder made the remarks during a conference held at the Azerbaijani- German Chamber of Commerce.

He said despite the fact that gas supplies from Russia are important from geographical point of view, the gas supplies from Azerbaijan have played and will play an important role for Europe.

"Your country is a reliable partner for Europe in terms of long term gas supplies," Schroder stressed.

On December 17, 2013 a final investment decision was made on the second phase of Azerbaijani Shah Deniz offshore gas and condensate field's development. The gas from this field will first go to the European markets.

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

The partners on development of the Shah Deniz field include such companies as the State Oil Company of Azerbaijan Republic (SOCAR) with a 16.7 percent share, BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), the French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (nine percent).

Translated by E.A.

Edited by C.N.

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