Next generation of Azerbaijani fields crucial for Southern Gas Corridor's expansion - ELIAMEP
Date
4/19/2022 3:06:47 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Apr.1. The geostrategic importance of
Azerbaijan as an energy supply source for Europe has increased in
the light of current geopolitical developments in Ukraine, Marika
Karagianni, research associate at the Hellenic Foundation For
European and Foreign Policy (ELIAMEP), said in her analysis,
Trend reports.
She notes that the next generation of Azerbaijani offshore
fields are considered of vital importance as a first
diversification source for the second phase of the Southern Gas
Corridor and the future interconnections in South Eastern
Europe.
'Azerbaijan is far better placed from point of view geography
and available volumes to supply South- Eastern Europe with gas.
Proven reserves of Azerbaijan now amount to 1.3 tcm - following the
discovery of Shah Deniz offshore gas field. In addition to Shah
Deniz, the offshore gas discoveries of the last decade are bound to
increase production and exports to Europe in the decade after 2020,
given that foreign capital investment continues, regardless of the
fluctuations in global oil prices. Fields like Umid (200 bcm and 40
million tons of condensate), Babek (400 bcm and 80 million tons of
condensate), Shafag-Asiman (300 bcm) and Nakhchivan (300 bcm in
place) in the Azerbaijani offshore sector will require substantial
foreign investment, if they are going to be in a position to feed
the Corridor and its future interconnectors in South Eastern and
Central Europe,' notes the expert.
Karagianni believes that the most promising discovery, however,
has been the Absheron offshore gas field with estimated reserves of
350 bcm and 45 million tons of condensate.
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