Socar Puts Azeri Reserves at 6 trillion m³
Azerbaijan’s state oil company Socar has said the country’s total proved natural gas reserves stand at 2.55 trillion m³, and there are a further 3.45 trillion m3 of probable reserves.
In total, the gas reserves are estimated at 6 trillion m3, the company reported on March 31.
Socar has signed 33 international contracts with 54 companies from 21 countries so far.
The largest project is Shah Deniz stage 2 (SD2) and Southern Gas Corridor with worth $45bn together, aimed at delivering 16bn m3/yr of gas to Turkey and EU by 2021.
Of that sum, $6bn are expected to be allocated for drilling 26 wells in SD2, $15bn for other offshore works, $2bn as well as $5bn for expansion of Sangachal terminal and South Caucasus pipeline (construction of a pipeline passing Azerbaijan-Georgia to Turkey borders), $11-12bn for Trans-Anatolian natural gas pipeline (Tanap) and $5bn for Trans Adriatic pipeline (TAP).
The expansion and construction of South Caucasus pipeline and Tanap have already started, while the TAP project is projected to start on May 17.
Iran desk