home . news & publications . Investment News . U.S. Energy Department: Diversification of Energy Supplies Benefits All Parties

U.S. Energy Department: Diversification of Energy Supplies Benefits All Parties

The diversification of energy supply is beneficial to all parties, acting Assistant Secretary for Policy and International Affairs of the U.S. Department of Energy Jonathan Elkind said at the signing ceremony of the final investment decision on Shah Deniz-2 project.

International companies and SOCAR came together in Baku to develop resources and make them available for the market, according to Elkind.

"Additionally, these resources are due to be delivered to those who wish to buy them. This highlights the most important thing - the diversification of energy supplies serves the interests of the producer countries and consumer countries of these resources, as well as companies involved in this business and households," Elkind said.

The assistant secretary conveyed congratulations from U.S. Secretary of Energy Ernest Moniz and the administration of President Barack Obama to the participants.

Turning to the Azerbaijani leadership, Elkind confirmed the continued participation of the U.S. government, with the ambassador Richard Morningstar's in person supporting the efforts to develop energy resources for the benefit of Azerbaijan and its people.

Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.

The agreement was signed by SOCAR President Rovnag Abdullayev and the regional president of BP in Azerbaijan, Georgia and Turkey Gordon Birrell.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.

Within the second phase of development it is planned to produce some 16 billion cubic meters of gas, six billion of which will be transported to Turkey and ten billion to Europe.

A consortium of Azerbaijani Shah Deniz gas condensate field development announced its choice of the TAP project in late June, as a gas transportation route to the European markets.

The initial capacity of the TAP pipeline will be 10 billion cubic meters per year with the possibility of expanding to 20 billion cubic meters per year. Trans-Anatolian (TANAP) gas pipeline will be constructed for transportation of gas through Turkey's territory.

Source: Trend

Back to top


events view our upcoming events.

network follow us.

   facebook  linkedin  twitter

anglo-asian ata-holding
azpetrol statoil
bny_melon azertrans
chevron_logo conocophillips
  ibar exxonmobil
 solar-turbines boeing-logo-website