Azerbaijan, Baku / Trend / Azerbaijan is prepared to become a reliable supplier of energy sources to the European countries and we are keen on guaranteeing the stability of transit deliveries, Natig Aliyev, the Azerbaijani Minister for Energy and Industry stated in an international conference on Construction of the Nabucco gas pipeline in Budapest, ITAR-TASS reports.
According to Aliyev, there are 145 fields in the Azerbaijani section of the Caspian Sea and production is carried out only in a few fields. Though geological surveys have not been carried out in most of them, the estimated gas reserves comprise 1.5trln cu m and undiscovered reserves are estimated to be approximately up to 3.3trln cu m. The Shah Deniz field possesses tremendous potential and gas production here will increase to 11bln cu m in 2007.
"It is the very time to intensify the Nabucco project. We have the necessary volumes of reserves and parts of these reserves are ready for Europe and Nabucco," Aliyev added. Good opportunities for Nabucco might open by 2012, when it is planned to launch the second stage of development in the Shah Deniz field.