The currently approved gas reserves in Azerbaijan amount to 2 trl 550 bn cubic meters. Azerbaijan can easily provide these gas reserves for new projects.

According to News.Az, the statement came from Khoshbakht Yusifzade, the vice-president of the State Oil Company of Azerbaijan, during a speech at the 3rd Forum "Caspian Energy".

According to him, the joining to the new projects of Turkmenistan and Iran is envisaged.

"While there is no precise information on this issue," - said Khoshbakht Yusifzade.

He also spoke about the difficulties.

"At the moment we have floating drilling rigs in the Caspian Sea. Floating drilling rigs will be probably launched in Caspian Sea by 2018. The reason is the change in the operational strategy of the BP", he said.

Touching upon the current oil prices SOCAR vice-president said that during the signing of the "Contract of the Century" in 1994, the price of oil was $ 16 per barrel.

"Then the price has increased from 16 to 100 dollars, and we all were happy, but the price is rising, then falling. Now prices fall slightly, but they will grow again. $ 60 is not a small price. Perhaps some costs will be reduced. The wells will be drilled, the work will not be suspended."