EU Reporter highlights Azerbaijan's key role in Europe's energy security

Economy Materials 29 April 2024 16:51 (UTC +04:00)
EU Reporter highlights Azerbaijan's key role in Europe's energy security
Maryana Ahmadova
Maryana Ahmadova
Read more

BAKU, Azerbaijan, April 29. Azerbaijan has proven itself to be a reliable and honest partner, supplying not only oil but also gas to Europe over the years, according to an article published on the Brussels-based EU Reporter web portal, Trend reports.

"The Caspian blue fuel has become the key to stability for several European countries. Responding to the growing needs of the region, the parties agreed to increase gas supplies to Europe to 20 billion cubic meters per year by 2027," the article said.

The corresponding memorandum was signed in the summer of 2022 by President of the Republic of Azerbaijan Ilham Aliyev and President of the European Commission Ursula von der Leyen, the publication explained.

"Confirmed natural gas reserves in the country amount to 2.6 trillion cubic meters, with projected reserves estimated at around 3 trillion cubic meters. The main source of natural gas from Azerbaijan to Europe is the giant Shah Deniz field, but in the future, other fields such as Babek, Umid, Karabakh, and Absheron are also planned to be involved.

The first gas and condensate from Absheron were obtained in July 2023, and gas production is set to begin this year as part of the project to develop the Azeri-Chirag-Deepwater Gunashli block. Initially, it is planned to produce about half a billion cubic meters, but volumes could increase fivefold in the future," the article noted.

The publication authors correctly noted that the supply of Azerbaijani gas to Europe is a large-scale and long-term project.

The authors reminded that annual meetings of ministers within the framework of the Advisory Council of the Southern Gas Corridor have been organized in Azerbaijan since 2015, while the latest session, attended by representatives from 23 countries, six international organizations, and 44 companies, took place in early March of this year.

"The Advisory Council plays a significant role not only in coordinating activities within the Southern Gas Corridor but also in discussing the further steps of participating countries in ensuring energy security. Being an essential mechanism, the Advisory Council helps to adequately respond to modern challenges, and for this reason, ministerial meetings on green energy have been held within the council for the past few years," the publication said.

Moreover, as the authors pointed out, in the near future, Azerbaijan will become not only a supplier but also a transit country for renewable energy sources to Europe from Central Asian countries.

"In November of last year, Azerbaijan, Kazakhstan, and Uzbekistan agreed to establish a joint venture for exporting green energy to Europe. The agreement was reached at a meeting of the energy and economy ministers of the three countries held in Baku.

In this context, the Southern Gas Corridor can play an important role in the green energy transition. During the transitional period when renewable energy sources cannot fully replace fossil fuels, the Southern Gas Corridor can guarantee the stability of energy supplies. Additionally, natural gas is a cleaner fossil fuel compared to coal and oil, meaning its use leads to lower greenhouse gas emissions," the authors emphasized.

The article highlighted that Azerbaijan's contribution to diversifying energy sources and strengthening Europe's energy security is significant.

"The strategic partnership between Azerbaijan and the EU in this area will continue to evolve, contributing to the stability and sustainable development of the entire region. It is a country striving for economic diversification and investment in the future.

Investments in the development of the oil and gas sector are accompanied by long-term strategic reforms aimed at increasing transparency and improving the business climate. Azerbaijan has proven itself to be a responsible player in the global energy market, ready for long-term cooperation and joint solutions to global challenges," concluded the article.

Stay up-to-date with more news on Trend News Agency's WhatsApp channel