The consortium developing Azerbaijan`s Shah Deniz gas field has chosen the Trans Adriatic Pipeline (TAP) for natural gas deliveries to Europe, Gordon Birrell, BP Regional President for Azerbaijan, Georgia and Turkey said on Friday.
Hailing the cooperation memorandum signed as part of a visit of President of the European Commission Jose Manuel Barroso to Azerbaijan, Gordon Birrell said that the decision on transport of Azerbaijani gas to Europe was based on commercial interests.
Stressing that Azerbaijan`s gas reserves was 2 trillion cm, SOCAR President Rovnag Abdullayev said that additional gas supplies would enter into market by 2020.
The Trans Adriatic Pipeline (TAP) supports the European Union`s strategic goal of securing future energy supply. TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan, via Greece and Albania, and across the Adriatic Sea to Southern Italy, and further to Western Europe.
TAP offers the shortest and most direct link from the Caspian region to the most attractive European markets with the most competitive gas tariff.
The project is designed to expand transportation capacity from 10 to 20 bcm per year, depending on supply and demand.
TAP also allows for the development of natural gas storage facilities in Albania to further ensure security of supply to European markets during any operational interruptions.
TAP will promotes economic development and job creation along the pipeline route and it is the only pipeline in the Southern Gas Corridor not dependent on public money. The Trans Adriatic Pipeline will bring natural gas from the Caspian region to Europe.
The shareholder structure of the Trans Adriatic Pipeline project comprises of Swiss Axpo (42.5%), Norwegian Statoil (42.5%) and German E.ON (15%).
TAP AG has its headquarters in Baar, Switzerland and branch offices in Athens, Rome, Tirana. TAP Representatives are also working in Brussels and Istanbul.
Currently, TAP employs approximately 60 oil and gas specialists from 24 countries and over 200 experts from contracted service companies.