Ministry: Proven gas reserves in Azerbaijan hit 2.6 trillion cubic meters

Ministry: Proven gas reserves in Azerbaijan hit 2.6 trillion cubic meters

Azerbaijan, Baku, June 6 / Trend, E.Ismayilov /

Azerbaijan is ready to continue contributing to European energy security, chief of apparatus of the Industry and Energy Ministry, Rasim Mammadov said during the International Caspian Oil & Gas Exhibition and Conference in Baku on Wednesday.

He said at present Europe seeks alternative sources and routes of gas supplies, and Azerbaijan is a reliable partner in this field.

The Southern Gas Corridor will pay important role in ensuring supply of Caspian gas to Europe. Trans-Anatolian gas pipeline project is regarded as one of its elements. At present, active work is carried out within this project in order to resolve this issue in the current year. This will enable to complete work on its creation by the start of getting gas within the second phase of Shah Deniz field development, Mammadov said.

The project of new gas pipeline envisages volume of investments in seven billion euros, and its initial capacity will be 16 billion cubic meters. It is projected that by 2025, gas production volume in Azerbaijan will reach 50 billion cubic meters, which will allow increasing its capacity up to 24 billion cubic meters.

Proven gas reserves in Azerbaijan hit 2.6 trillion cubic meters, while oil - two billion tons, Mammadov said.

He said Azerbaijan's importance as a transit country further enhances in recent years, as evidenced by a well-developed gas transportation infrastructure. Given the expansion of underwater gas pipeline infrastructure and laying of new underwater gas pipelines, it will be possible to ensure supply of gas from Central Asia to Europe.

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