The Azerbaijan State News Agency

ECONOMY

Azerbaijani energy minister: Caspian region`s hydrocarbon reserves to double by 2035

24.04.2014 [13:24]
Print
A⁺ A^-

Baku, April 24 (AZERTAC). “Hydrocarbon reserves of the Caspian region will double by 2035 taking into account the new potential deposits, according to the forecasts,” Azerbaijani energy minister Natig Aliyev has said.

“The proven oil reserves of the region constitute between 3.5 and 4 per cent of the world oil reserves, while the proven gas reserves of the region account for 7-11 per cent of the total world reserves.”

He forecast that the Caspian region would become a reliable source of gas supplies to Europe given growing consumption levels and the need for diversifying energy supply routes.

"An energy corridor is emerging now between the Caspian region and Europe, which stretches from Azerbaijan to Italy," Mr. Aliyev added.