Azerbaijan: A "Gas Nation"

President of Azerbaijan Ilham Aliyev has said that gas finds in 2011 have become an important asset for the country for years to come.

Addressing the Azerbaijani people for New Year's, President Aliyev said that the discovery of major gas fields in Azerbaijan had provided the country to opportunities to be a "gas nation".

"In 2011, our country achieved great successes in the highly important energy sector," he said. "Azerbaijan has managed to further reinforce its positions. Earlier this year, the European Union and Azerbaijan signed a very important declaration on strategic cooperation. Azerbaijan is already viewed as a country capable of supplying Europe with energy, in particular natural gas.

"Our opportunities are growing.The new gas fields discovered this year and those discovered last year have substantially bolstered our gas potential. We will have our say in the world as a gas nation for many years to come. All the necessary transit agreements were signed in 2011. We now have the opportunity to transport Azerbaijani gas to world markets through various routes."

Azerbaijan is home to the largest natural gas field in the world, the Shah Deniz field. Azeri gas reserve estimates were bolstered in September of last year when a discovery on the Absheron X-2 field, adjacent to the Shah Deniz field, increased reserves from 2.2 trillion cubic metres of gas to 2.5 trillion cubic metres.

The president also cautioned that investment must be made to further Azerbaijan's gas interests in the future.

"I think major investment must be made in our immense gas fields in 2012," he said. "Our gas potential will prove to be a highly important asset for our country in a matter of several years."