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By Trend

Azerbaijan has around 1,000 billion cubic meters (bcm) of yet to find gas resources, Secretary General of Gas Exporting Countries Forum (GECF) Yury Sentyurin said during the 26th International Caspian Oil & Gas Conference in Baku May 30, Trend reports.

“As far as Azerbaijan is concerned, the country holds more than 1 thousand four hundred bcm of proven reserves and possibly around 1 thousand bcm of yet to find gas resources. The country turns to be an important gas supplier in the western Caspian region and has vigorously expanded its export potential. The country is expected to grow its production from other phases of the giant Shah Deniz field, as well as Absheron field. GECF expects the first phase will come on line after 2023 and plateau at about 5 bcm by 2025,” he said.

He pointed out that considering outlook from new projects, the natural gas production forecast for Azerbaijan is very promising.

“The country is also committed to reducing emissions and producing energy in a more reasonable, responsible and environmentally friendly manner. As a result of government policies and efforts, Azerbaijan has been quite progressive when it comes to flaring reduction. Azerbaijan’s flaring for the time being is 0.5 cubic meters per barrel. That’s much better than even in Canada. This is a great result for Azerbaijan,” noted GECF secretary general.

He noted that Southern Gas Corridor and Interconnector Greece-Bulgaria will increase diversification of resources to European countries.

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