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02.06.2016 12:50

Caspian Oil & Gas Conference: the role of Azerbaijan in ensuring Europes energy security

On 2 June, the International Caspian Oil & Gas 2016 Conference started in JW Marriott Absheron Hotel in Baku. At the conference, over 400 representatives from 30 countries participate in discussing the prospects of development of Azerbaijans oil and gas industry, against a background of realities of the modern period, to ensure environmental and industrial security of supply and a number of other topical issues.

Speaking at the plenary session on "The role of Azerbaijan in ensuring Europes energy security, Senior Advisor to ITE Group plc Sir Andrew Wood said that the Caspian Oil & Gas conference is taking place amidst the global economic crisis and dropping oil prices. According to him, the conference is an important platform for cooperation and exchange of experiences between representatives of the oil and gas sector.

Azerbaijan Minister of Energy Natig Aliyev said that the Caspian Oil & Gas conference is being held for more than 20 years. The Minister emphasised the role of the conference in presenting innovations in the energy sector, and the search for solutions to problems. In his report Minister Aliyev described the impact of the global crisis, not only on the oil and gas sector, but also on all areas of the geopolitical economy. The processes taking place in Europe and North Africa, as well as in member countries of the Organization of Petroleum Exporting Countries (OPEC), affect the price of oil, particularly in Iraq. The price of oil has increased more than enough in recent, but most minimal when compared to the years of 2000 - 2009. If prices remain at the same level, the major oil companies will be forced to reduce large projects and, more importantly, the drilling of new wells.

Minister Aliyev stressed that oil prices do not disturb Azerbaijan, because our country has taken important steps in reducing the economy's dependency on oil. The Minister of Energy said: - At present, Azerbaijan is implementing the enormous project in Europe the Southern Gas Corridor (SGC) which consists of three main parts, namely, the South Caucasus Pipeline Expansion Project (SCPX), the Trans-Anatolian Pipeline Project (TANAP), and the Trans-Caucasian Pipeline Project (TAP). He informed about the status of the implementation of mega projects, achievements, and transit opportunities for oil and gas in Azerbaijan.

The Special Envoy of the British Prime Minister for Trade, Baroness Emma Nicholson, noted that Azerbaijan is a reliable supplier of energy resources to Europe and world markets, and has achieved important successes in this area. - The Southern Gas Corridor Project is currently running. This project will make an important contribution to the diversification of Europe's energy supply. It is the most complex project in Europe, - said Baroness Nicholson. She noted that Azerbaijan is a reliable partner of the United Kingdom. Relations between Azerbaijan and the United Kingdom are still successfully developing, not only in the oil and gas sector but in other sectors of the economy as well.

SOCAR President Rovnag Abdullayev; BP Regional President for Azerbaijan, Georgia and Turkey Mr Gordon Birrell; CEO of Nobel Upstream Mr Jeremy Huck; and others also made speeches at the conference. The conference continues its work in other sessions.

By putting top managers of leading companies, representatives of line ministries, and the authoritative industry experts on a discussion platform, this oil and gas forum provides an opportunity to exchange views on topical issues of development concerning the oil and gas industry.

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