President Aliyev: Gas From Azerbaijan Is New, Reliable, Long-Lasting Source For Europe

President Aliyev: Gas From Azerbaijan Is New, Reliable, Long-Lasting Source For Europe

We will continue to develop our energy resources, President of the Republic of Azerbaijan Ilham Aliyev said during a speech at the 7th Ministerial Meeting of the Southern Gas Corridor Advisory Council held in the format of a video conference, according to Azerbaijan in Focus, reporting Trend News.

“We have very promising prospects from the fields which are now in the process of exploration and production. Particularly big field containing 400 billion cubic meters of gas is a field named “Babak”. Absheron gas condensate field, which I hope production will start next year, contains minimum 350 billion cubic meters of natural gas and “Umid” field at least 200 billion cubic meters of natural gas. So, these are the fields with proven reserves which will contribute more to the production of natural gas from the Azerbaijani sector of the Caspian Sea, and some other projects which are now in the phase of exploration, we hope to see new discoveries in the coming years,” the head of state said.

“Therefore, that will all be helpful in order to increase the output through our diversified chain of the oil and gas pipelines. As far as our joint plans, I am sure today you will discuss the issues related to Ionian Adriatic Pipeline. Of course, the completion of TAP enables the implementation of the Ionian Adriatic Pipeline. We already signed memoranda of understanding with the countries of the Western Balkans. The Ionian Adriatic Pipeline when implemented will allow us to diversify our supply roots and at the same time, will provide additional opportunities for countries of the Western Balkans. When we talk about diversification, our project provides diversification not only of roots but also diversification of sources. And this is very important. This is a real diversification,” said the president.

“So, gas from Azerbaijan is a new source for Europe and a reliable source and a long-lasting source. Because our proven gas reserves were considered to be at the level of 2.6 trillion cubic meters but now the new information shows that it will be much more. And if we add here the great potential of project which is called deep gas from ACG, then the full picture of our potential will be more visible,” Azerbaijani president said.