Details added (first version posted on 18:27)
Baku, Azerbaijan, Feb. 12
By Anakhanim Hidayatova - Trend:
The crisis in Ukraine negatively affects the oil and gas supplies to Europe, and in this regard, the EU needs to diversify its energy supply routes, the European Commission's Vice President in charge of Energy Union Maros Sefcovic told reporters Feb. 12.
He said that currently the Southern Gas Corridor is a priority for Europe.
"Each country involved in this project must ensure its safety," he added.
Sefcovic noted that today the participants of the first meeting of the Southern Gas Corridor Advisory Council discussed the issues of further promotion of the project, and the problems that may arise in its implementation.
He said the Southern Gas Corridor is a large, integrated and complex project, adding that all the countries and companies need to closely cooperate in its implementation.
"Today's meeting was useful and successful," he said. "The specialists of BP and other companies explained what difficulties may arise in the project's realization."
"We agreed that we will work in line with an action plan that is being developed by the European Commission in cooperation with all the ministers," said Sefcovic.
He added that for the EU, the Southern Gas Corridor is the only project, which is being worked on today.
The Southern Gas Corridor is one of the priority energy projects for the EU. This project is aimed at diversification of routes and sources of energy supply and thereby increase EU's energy security.
It envisages the delivery of gas from Azerbaijan's Shah Deniz gas and condensate field to Europe.
A final investment decision was made on Dec.17, 2013 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), while six billion cubic meters of gas will be annually delivered to Turkey.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's proven reserve is 1.2 trillion cubic meters of gas and 240 million metric tons of condensate.
As part of the second stage of the field's development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans Anatolian (TANAP) and Trans Adriatic (TAP) gas pipelines.