At the moment, proven recoverable hydrocarbon reserves in Azerbaijan could provide 4.5 billion tons of fuel, head of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said at a meeting with students on Friday dedicated to the Day of Youth.
He said the projected hydrocarbon reserves in the country amount to 10 billion tons.
Abdullayev said Azerbaijan currently exports gas to four countries. High hopes are laid on the country in terms of its potential to provide energy security to Europe. Azerbaijan is ready to meet this task largely because of the country's existing reserves, infrastructure and experience.
Abdullayev stressed the importance of the second phase of the Shah Deniz gas-condensate field. Work on second phase has already been completed, and practical work will be launched in the next few days.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996. The participants of the agreement are: BP (operator) - 25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - 9 percent and SOCAR-10 percent.
Reserves of Shah Deniz field are estimated to be 1.2 trillion cubic meters of gas.
Azerbaijan plans to export 10 billion cubic meters of gas to Europe within the second stage of the project.