President Ilham Aliyev: “In 21st century Azerbaijan will have its say as gas country”

President Ilham Aliyev: “In 21st century Azerbaijan will have its say as gas country”
# 24 November 2010 23:10 (UTC +04:00)
Baku – APA. President Ilham Aliyev met management of Azerbaijan’s state oil company, SOCAR, as the “Umid” gas field had been commissioned in the Caspian Sea, which is one of the remarkable events in the country’s oil and gas history, APA reports quoting “AzerTAc” news agency.

In the meeting the president firstly congratulated all SOCAR staffers on this occasion, and delivered an extend speech about the history, development, potential and future perspectives of Azerbaijan’s oil-gas sector.

The President said SOCAR conducted exploration in the “Umid” field, praising the fact Azerbaijani experts had been involved in the sea exploration work. The Head of State said Azerbaijan strengthened its positions in the world energy system, noting the country’s initiatives created a new situation in the industry.

President Ilham Aliyev said Azerbaijan’s achievements in oil and gas industry were highly praised throughout the world.

The "Contract of the Century" and signing the deals related to "Shah Deniz" field enabled us to restore our positions in oil-gas sector. We managed to restore not only our position, we even could strengthen it. Once again I want to say, today Azerbaijan has a unique role in world’s energy map.

A few wells were drilled but they were empty. As all drilling works were carried out at the expense of our foreign partners, it didn’t affect Azerbaijan.

Therefore, SOCAR’s exploration-related proposal in “Ümid” field, at its own expense, was risky, but at the same time it showed that we are able to do it. We know all opportunities of the Caspian Sea. Our geologists’ experience and knowledge don’t yield to the experience of the geologists of the leading oil companies, I even clearly say, our geologists surpass them. Failure of the exploration works, conducted by some foreign companies for the recent years, is the clear evidence.

Up to present, we accurately have said that Azerbaijan’s approved gas reserve is 2 trillion c/m, and then we added – “but may be and most probably it’s much more”. Look, future development of “Ümid” field confirms these words once again.

In the world we are famous as the oil country. But in the next stage – in 21st century Azerbaijan will have its say as gas country. According to him, gas extraction in this field will increase the potential of Azerbaijan.

The Head of State said investment made in sea fields was of particular importance, adding SOCAR’s exploration on the Umid field was another success of Azerbaijan.
“It once again proves that Azerbaijan is not only oil, but also a gas country.”

President Ilham Aliyev said the development of the Umid field would increase Azerbaijan’s gas potential.

“This field has a great future,” he added.

At the end of his speech, the president once again congratulated on this occasion.