The Southern Gas Corridor (SGC) project requires $44-45 billion. $25 billion has been spent so far, Khoshbakht Yusifzade, first vice-president of Azerbaijan’s state oil company SOCAR, said Dec. 23.
He made the remarks at a conference titled “At the intersection of East and West: New energy and communication opportunities", organized by the ruling New Azerbaijan Party (YAP) in Baku, APA-Economics reported.
According to Yusifzade, most of these works have already been carried out.
“The TANAP project will be ready in 2018, the TAP project in 2019. Azerbaijan will supply gas to Europe through these pipelines. Azerbaijani President confirms that Azerbaijan has gas large reserves. The country's proven gas reserves are equal to 2.6 trillion cubic meters. Together with unconfirmed volumes, it is 6 trillion cubic meters. Russia and Iran can also join these pipelines in future,” he noted.
Touching upon the Shahdeniz field, Yusifzade said that there are 200 billion cubic meters of gas and 240 million tons of condensate in the Shahdeniz reserves which are sufficient to fill the pipelines.
“Azerbaijan independently discovered gas fields in Absheron. The Umid field has 200 million cubic meters of gas and 40 million tons of condensate, while in Absheron there are 350 billion cubic meters of gas,” he added.