SOCAR boasts of gas potential

BAKU, Azerbaijan, July 31 (UPI) -- Exploration and drilling operations in new fields for the State Oil Co. of Azerbaijan Republic position the country as a supplier for a host of nations.

SOCAR President Rovnag Abdullayev said the rise in energy production in Azerbaijan positioned the Central Asian country as a key regional energy partner.

He said Azerbaijan has "great interest" in the potential to serve as a gas supplier to Russia, Iran, Georgia, Turkey and Greece, Today.Az, an Azeri news agency, reports.

"We are carefully considering all the proposed projects to export gas, but preference will be given to projects with the lowest risk and highest profit," he said.

SOCAR has invested some $400 million in the economy in Georgia as part of the purchase of an oil refinery, while positioning itself as a participant in the Southern Corridor gas network for Europe.

An international delegation agreed in May to diversify the European energy sector through the Southern Corridor, the so-called oil and gas Silk Road that includes the Nabucco gas pipeline for Europe.

Azerbaijan has emerged as one of the few prospective suppliers for Nabucco, though its portfolio includes clients in Iran and Russia.

Proven reserves in the country total 71 trillion cubic feet of natural gas, with more than half of that capacity held in the offshore Shah Deniz gas field.