EU, Azerbaijan have similar energy interests - SOCAR

EU, Azerbaijan have similar energy interests - SOCAR

Baku, Azerbaijan, Nov. 20

Trend:

The EU and Azerbaijan can benefit from the integration of the energy markets and thereby strengthen their energy security, SOCAR head Rovnag Abdullayev said in an interview with the Greek newspaper IMERISIA. The interview was also published on SOCAR's website Nov. 19.

"The interests of the EU and Azerbaijan coincide in the field of power engineering," he said. "Strengthening of the cooperation between the EU and Azerbaijan in power engineering will create the opportunities for the necessary reforms. It will also improve the investment climate and form the conditions for further investments."

"SOCAR together with 25 global companies works on a number of oil and gas projects," he said. "The Southern Gas Corridor project is among them. It will ensure Azerbaijani gas supply to Europe from Shah Deniz field. A significant part of a $ 45 billion amount to be invested in the project implementation accounted for SOCAR. The components of this project are the South Caucasus, Trans-Anatolian, Trans-Adriatic gas pipelines. This proves once again that we stand for the security of the EU energy supply."

The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

On December 17, 2013, a final investment decision was made on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters).

The gas to be produced as part of the Stage 2 of the field's development will be exported to Turkey and to the European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).

Shah Deniz's reserves are estimated at 1.2 trillion cubic meters of gas. A contract was signed on June 4, 1996 to develop the Shah Deniz offshore field.

Currently, the partners for the development of the Shah Deniz field are: British BP (28.8 percent), Norwegian Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent), SOCAR (16.7 percent).

Earlier, Total sold its share in the project to TPAO and after the completion of the transaction the share of the latter in the project will be equal to 19 percent.

Norway's Statoil has sold its 15.5 percent share in the project to the Malaysian PETRONAS. The purchase and sale transactions have not been completed yet.

edited by CN

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