‘Reserves are sufficient’

ISTANBUL - Hürriyet Daily News

Some 80 billion euros are needed for the Nabucco project, project, Askerov says.REUTERS photo

Energy production will increase as demand surges in energy markets, said Valeh Askerov, the vice president of the national assembly of Azerbaijan, during the “Energy, Economy, Ecology and Sustainable Development” session of the Eurasian Economic Summit.

“The world’s crude oil and natural gas reserves are enough, or even more [than enough] to meet the current demand. We have no constraints regarding our reserves,” he said, adding that there is an increase of demand totaling approximately $12 billion in energy markets every year.

Well-known global energy firms pay large sums of money to explore for energy reserves in the region of the Caspian Basin, because
they know there are more to be found, he said.