The European Union supports the continuation of negotiations on the Trans-Caspian Gas Pipeline project, Head of the EU Delegation to Azerbaijan Malena Mard told reporters in Baku May 6.

“As you know, the European Commission and its Vice-President Maros Sefcovic have very much been looking forward to have this trilateral meeting in Ashgabat,” Mard said. “We very much encourage to have further discussions about possibility for laying the Trans-Caspian Gas Pipeline, which would of course mean a big possibility to look at more energy and gas resources for Europe.”

Ashgabat hosted a meeting with the participation of heads of the oil and gas ministries of Turkmenistan, Azerbaijan, Turkey and representatives of the EU, where further prospects of cooperation in the fuel and energy sector were discussed.

The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

The Southern Gas Corridor project envisages transportation of gas from Azerbaijan’s Shah Deniz field to Europe.

On December 17, 2013, a final investment decision was made on the Stage 2 of the Shah Deniz offshore gas and condensate field’s development. The gas produced at this field will first go to the European market (10 billion cubic meters). Around six billion cubic meters will be annually supplied to Turkey.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas and 240 million metric tons of condensate.

As part of the second stage of the field development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.