Azernews.Az

TAP has not only relevance due to the improvement of trade relations between the European Union and Azerbaijan, it tackles primarily topics like energy security and energy dependency.

Member of the European Parliament Katarina Nevedalova (S&D, Slovakia) made the remark on EU-Azerbaijan cooperation of energy security when answering the questions from The European Azerbaijan Society (TEAS).

"As a Member of the European Parliament from Slovakia, it is not difficult for me to recall the complications we had with the Russian Federation due to gas supply a few years ago," she said. Most of the former Eastern European countries now are dependent on Russia for gas and oil. Therefore the diversification of the energy resources is extremely important in today`s unpredictable world markets."

The Shah Deniz Consortium made the final investment decision (FID) on the second stage of offshore gas condensate field development on December 17.

The gas which will be produced in the second phase of Shah Deniz field is considered as the main source of the Southern Gas Corridor project. A consortium of Azerbaijani Shah Deniz gas condensate field development announced its choice of the TAP project in late June, as a gas transportation route to the European markets.

Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.