Southern Gas Corridor can catalyse the development of connecting pipelines in Southern Europe, Vitaliy Baylarbayov, Deputy Vice President for Investments and Marketing at the State Oil Company of Azerbaijan (SOCAR) said during a presentation themed 'Southern Gas Corridor' at the Centre for Strategic and International Studies in Washington.
During the presentation Baylarbayov emphasised the significance of the Southern Gas Corridor in ensuring Europe's energy security, a message from SOCAR said on April 1.
The Southern Gas Corridor is a project that will allow Europe to diversify its sources of hydrocarbon supply and strengthen energy security and enable Azerbaijan to get a new market in Europe.
The final investment decision was made on the second phase of the Azerbaijani Shah Deniz offshore gas and condensate field's development on Dec.17 2013. Gas to a volume of 10 billion cubic meters from the field will go in the first instance to the European market.
The gas to be produced within the second phase of the field's development will be exported to Turkey and to European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.
Partners for the development of the Shah Deniz field are: SOCAR with a 16.7 percent share, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (nine percent).