The Caspian region will become a reliable source of gas supplies to Europe amid the growth of consumption volumes and the need of diversifying the sources of energy supply, Azerbaijani Energy Minister Natig Aliyev said at the Caspian Energy first international forum on April 23.
"Currently, an energy corridor is being formed between the Caspian region and Europe, which begins in Azerbaijan and will extend to Italy," he said.
More than $ 50 billion will be required to ensure the gas supply as part of the second phase of development of Azerbaijani offshore gas condensate Shah Deniz field to the European market.
"The Caspian region, as opposed to Europe, has a powerful energy potential with relatively small consumption volumes," he said.
In particular, the proven oil reserves of the region hit about 3.5 - 4 percent, while the proven gas reserves are 7-11 percent of the world ones. Hydrocarbon reserves of the Caspian region will double by 2035 taking into account the prospects for the discovery of new deposits, according to the forecasts.
Aliyev stressed that Azerbaijan has achieved great results in the field of power engineering and fully ensured its own energy security. In particular, oil production volume has recently reached 43-50 million tons, gas production - about 30 billion cubic meters, while the capacity of electricity generation increased by 30 percent.