Discovery of the large gas reserves in Azerbaijan opens new prospects for cooperation in region (VIDEO)
Trend Agency expert on economics Narmina Ismayilova
The discovery of the large gas reserves on the Absheron field in Azerbaijan opens new prospects for the cooperation in the Caspian Sea region. Baku reaffirmed the presence of significant energy reserves in this region and its commitment to further continue the ongoing energy strategy.
The Caspian gas is regarded as the main source for the Southern Gas Corridor. Theretofore, the discovery of the new gas reserves in Azerbaijan significantly increase its efficiency.
The Southern Gas Corridor is designed to diversify the gas supplies to Europe and improve the EU's energy security. The Absheron field will directly contribute to these processes, as France's Total and Gaz de France are the parties to this project.
Azerbaijan has twice announced the opening of major new gas fields over a period less than a year. The country discovered the Umid field with reserves exceeding 300 billion cubic meters in late 2010 and now the Absheron field with reserves of several hundred billions cubic meters.
However, Azerbaijan does not intend to stop at what has been achieved. The country's future plans provide for exploration in the Babak, Nakhchivan, Karabakh, Ashrafi and other fields. The discovery of new fields will up Azerbaijan's importance as gas exporting country and greatly improve the energy security of the region and Europe.