Azerbaijan preparing long-term gas strategy
BAKU. June 5. (Interfax) - The government of Azerbaijan is preparing a long-term gas strategy, Azerbaijani President Ilham Aliyev said at the opening of the international Caspian Oil & Gas 2012 exhibition and conference on Tuesday in Baku.
"We have reached a defining point in the development of our energy policy. We are approaching the launch of Stage-2 in the development of the Shah Deniz field, and we are also expecting gas production at other fields. In connection with this, we have practically prepared a long-term gas strategy," he said.
Azerbaijan's current volumes of oil and gas production are enough to successfully develop in the next several decades. "We have ensured our energy security, and we don't need any new initiatives. However, as the leading economy in the South Caucasus, we must take certain steps towards regional development, and we will participate in ensuring the energy security of friendly countries. Thereby we will strengthen our own economy, as well," Aliyev said.
Investments in Azerbaijan's oil and gas sector have reached $50 billion since 1995, and in the country's economy as a whole they have totaled $120 billion. Azerbaijan has forex reserves topping $40 billion, and they will continue to grow, he said.
"We believe that our energy policy should unite producers, consumers and transporters and not become a bone of contention. We have already been cooperating with BP for 20 years. It is our strategic investor, which participates in such major projects as development of the Azeri-Chirag-Gunashli fields and Shah Deniz. It is our number one partner," Aliyev said.
As of late, special attention has been given to the development of alternative energy in Azerbaijan. "Although we have enough oil and gas for at least the next hundred years, we feel our responsibility to develop modern technologies. We will soon begin creating a high-tech park, where a special place will be allocated for the latest developments of alternative and renewable energy sources," Aliyev said.
