Baku, Azerbaijan, May 30
By Anvar Mammadov – Trend:
Oil and Gas projects implemented in the Caspian region, such as the development of the Azeri-Chirag-Guneshli fields’ block in Azerbaijan, as well as the implementation of the Kashagan project in Kazakhstan, are very important for ensuring Japan's energy security, Vice-Minister of Economy, Trade and Industry Daisaku Hiraki said May 30 during his speech at the 25th Anniversary Caspian International Oil & Gas Conference in Baku.
He noted that, Japanese companies are involved in both projects, so the Caspian region is very important for Japan.
"This region, and in particular Azerbaijan, still has huge natural resources. We believe that production in this region will actively grow if the full potential is used, which will lead to the continued economic growth of the region. After the oil crisis in the 1970s, the North Sea and Alaska regions played an important role as new suppliers. But production in these regions has declined significantly. Therefore, now great hopes are laid on the Caspian region, which has large reserves," Hiraki said.
He noted that, in order to increase production and consistently make a profit, it is necessary to use the latest technologies and to make available the advanced oil and gas infrastructure, for example, pipelines.
"Japan would like to support the region with its advanced technologies. We are also interested in joint exploration on promising oil and gas blocks in Azerbaijan," Hiraki said.
It has been envisaged to sign in the framework of the conference a Memorandum of Cooperation between SOCAR and the Japan Oil, Gas and Metals National Corporation (JOGMEC). The Memorandum provides for joint seismic and geological exploration of the two companies on promising oil and gas blocks in Azerbaijan.