The first 10 billion cubic meters of Azerbaijani gas are just a beginning of the process of deliveries to Europe, the head of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said in an interview with Caspian Energy journal.
"SOCAR expects an increase in export volumes in the future. Azerbaijan has a strong resource base for achieving these goals," Abdullayev said.
Currently Azerbaijan's fields, including those which are being developed, have proven reserves in the amount of 2.55 trillion cubic meters of gas. In this case, the projected reserves of Azerbaijan are estimated at six trillion cubic meters of gas, the head of SOCAR noted.
According to International Energy Agency's predictions, by 2030 the European Unions demands for gas will increase from the current 526 billion cubic meters to 622 billion cubic meters a year. As a result of the realization of the Southern Gas Corridor project, Azerbaijan will be a very important and essential gas exporting country at least for 100 years, Abdullayev said.
This selection marks the start of implementation of the Southern Gas Corridor project that will allow Europe to diversify its supply sources and increase energy security as well as enable Azerbaijan to acquire a new market in the face of Europe.
The Southern Gas Corridor is a major project designed to meet the European gas needs for decades to come.
In late June, the consortium for the development of Azerbaijani Shah Deniz gas and condensate field announced the selection of Trans Adriatic Pipeline (TAP) project as a route for transportation of its gas to European markets.
The second pipeline, which was competing for the transportation of Azerbaijani gas to Europe, was Nabucco West.
The TAP project is designed to transport gas from Caspian region through Greece, Albania and Adriatic Sea to the South of Italy, and then to the Western Europe.
The gas which will be produced within the framework of the second phase of development of Azerbaijani Shah Deniz gas and condensate field is considered as the main source for the project.
The initial capacity of TAP will amount to 10 billion cubic metres per annum with the possibility of expanding to 20 billion cubic metres per annum.