Caspian region to become reliable source of gas supply: minister

The Caspian region will become a reliable source of gas supply to Europe amid the growth of consumption and need of diversifying energy supply sources, Azerbaijan's Trend news agency reported quoting Azerbaijani Energy Minister Natig Aliyev as saying.

Aliyev made the remarks during the Caspian Energy First International Forum on Wednesday.

"Currently, an energy corridor is being formed between the Caspian region and Europe, which begins in Azerbaijan and will extend to Italy," he said.

More than US$50 billion (RM163.45 billion) will be required to ensure the gas supply as part of the second phase of development of the offshore Shah Deniz gas and condensate field in Azerbaijan to the European market.

"The Caspian region, as opposed to Europe, has a huge energy potential with relatively small consumption volumes," Aliyev said.

According to forecasts, hydrocarbon reserves of the Caspian region will double by 2035 after taking into account prospects of discovering new deposits.

Bakudaily.az