Azerbaijan’s confirmed natural gas reserves make 2.6 trillion cubic meters, oil reserves – 2 billion tonnes, Azerbaijani Deputy Energy Minister Namig Abbasov said at the 1st IAEE Eurasian Conference in Baku.

According to him, Azerbaijan is currently produces 82-88 million cubic meters of gas and 115-120,000 tonnes of oil per day.

“Despite the realities as a result of oil price decline, Azerbaijan preserves its loyalty to partnership relations with all powerful counties and continues implementation of the big projects like the Southern Gas Corridor. Azerbaijan attaches importance in transit opportunities for transportation of energy resources. The Southern Gas Corridor is one of the biggest projects in Europe. Energy security is now one the important elements of national security of the countries. This project is a factor of diversification of routes and sources”, the deputy minister stressed.

Abbasov said that the Southern Gas Corridor has opened a new page in contribution of Azerbaijan to the European energy security: “TANAP is very important regional project as a guarantor of the European energy security. The energy corridor will be completed by construction of TAP. This pipeline will have potential for transportation of Azerbaijani gas to Europe. Moreover, the purposed Ionian Adriatic Pipeline (IAP) will deliver Azerbaijani gas to Bulgaria, Montenegro, Croatia, Bosnia and Herzegovina”.