Vast oil and gas reserves in the Caspian Sea region and its potential to supply the world energy market make this area relevant for investments, John W. Harkins, chief executive officer and president of Greenfields Petroleum Corporation (Canada-based oil and natural gas company) said.

He made the remarks addressing the 3rd Azerbaijan and Caspian Sea Oil and Gas Week 2015 in Baku Sept.28.

In particular, Azerbaijan has proved to be relevant economically and politically in the world energy markets, Harkins added.

“Azerbaijan is poised to be a transportation hub for oil and gas,” he said.

Harkins also added that Azerbaijan will be an important gas supplier for Europe within the next five years.

The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

As part of ensuring the Azerbaijani gas supply to Europe, the final investment decision was made on Dec.17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field`s development. The gas produced at this field will first go to the European market (10 billion cubic meters), while six billion cubic meters of gas will be annually delivered to Turkey.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas.

As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.

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