Azernews.Az

By Gulgiz Dadashova

The selection of Trans-Adriatic Pipeline as the South European route by the Shah Deniz consortium will change the energy map of Europe and open up new opportunities for cooperation, Azerbaijani Deputy Industry and Energy Minister Natig Abbasov said at a meeting with a European Parliament delegation that is on a visit to Baku.

"The proven gas reserves in Azerbaijan exceed 2.6 trillion cubic meters. This will create conditions to turn our country into a major supplier of gas to the international market in the decades to come," Abbasov said.

In late June, the consortium developing Azerbaijan's giant Shah Deniz field in the Caspian Sea made a decision in favor of TAP to transport Azerbaijani gas to Europe. TAP will bring an initial 10 billion cubic meters of Azerbaijani gas a year across Albania and Greece, and into Italy. First gas is expected in 2019.

TAP pipeline's initial capacity will be 10 billion cubic meters per year, but it will be easily expandable to 20 billion cubic meters.

Abbasov said that Azerbaijan invests in the energy supply infrastructure and one of the country's priorities in this regard is diversification of energy routes.

"Currently, we deliver our hydrocarbon resources to the world market though seven oil and gas pipelines. Azerbaijan has ensured its energy security and currently it contributes to the energy security of its partner countries," he said.

Abbasov said the large revenues that the country receives from the production and sale of hydrocarbons are directed to the development of industry, agriculture, tourism, the military, education, social and other sectors.

He said further that energy resources should not be a cause of competition and confrontation, but should serve the development of regional and international cooperation.

The deputy minister noted that Azerbaijan is a reliable supplier and transit country, saying that the interests of suppliers, transit countries and consumers should coincide and bring mutual benefits.

Azerbaijan, which is interested in diversifying export sources, is seen as a key player in the energy supply and security of Eurasia. The country's Shah Deniz field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia and Turkey as well as Europe.

By 2030, gas production in Azerbaijan is to be brought up to 50-60 billion cubic meters a year.

Over the entire period of hydrocarbons production in Azerbaijan 665 billion cubic meters of gas have been extracted. The country produced a total of 1.8 billion tons of oil during this period.

More than $60 billion has been invested in Azerbaijan's energy infrastructure since independence and now as much as 91 trillion cubic feet of proven natural gas reserves are available for European markets.