Baku, Azerbaijan, Sept. 20
By Aygun Badalova - Trend:
Azerbaijan's energy is of strategic importance for the world markets, BP chief executive Bob Dudley said at the 20th anniversary of the Contract of the Century and the Southern Gas Corridor groundbreaking ceremony on September 20.
Bob Dudley stressed the strategic importance of Azerbaijan's energy, adding that the world markets are thirsty for energy supplies.
He said that today is a great day for Azerbaijan and a great day for the energy industry.
"Today we are not only looking back to celebrate the last two decades. Today we are also looking ahead to the next chapter in Azerbaijan's energy story," Dudley said.
He said that $45 billion will be invested in Southern Gas Corridor - a multi-decade project, which will be in benefits for millions of customers and create tens of thousands jobs along the route.
On the behalf of all partners he said to be very proud of being part of this long-term project.
"I hope we will all continue to work together for many years and decades to come," Dudley said.
Azerbaijan's gas supplies to Europe will open the "Southern Gas Corridor", which will allow Europe to diversify its sources of hydrocarbon supplies and boost energy security, and on the other hand give Azerbaijan a new market - Europe.
In order to ensure the gas supplies to the new market, a final investment decision was made Dec. 17, 2013 on the Stage 2 of development of the Shah Deniz field. Some 10 billion cubic meters (bcm) of the field's total gas output will go to Europe, while 6 bcm will be annually delivered to Turkey.
The gas to be produced as part of the Stage 2 of the field's development, will be exported to Turkey and the European markets by means of expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).