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Oil and Gas projects implemented in the Caspian region. such as the development of the Azeri-Chirag-Guneshli fields’ block in Azerbaijan. as well as the implementation of the Kashagan project in Kazakhstan. are very important for ensuring Japan’s energy security. the agency quoted saying by Japan’s Vice-Minister of Economy. Trade and Industry Daisaku Hiraki speaking at the 25th Anniversary Caspian International Oil &. Gas Conference in Baku. According to him. Japanese companies participate in both projects. therefore the Caspian region is very important for Japan. “This region. and in particular Azerbaijan. still has huge natural resources. We believe that production in this region will actively grow if the full potential is used. which will lead to the continued economic growth of the region. After the oil crisis in the 1970s. the North Sea and Alaska regions played an important role as new suppliers. But production in these regions has declined significantly. Therefore. now great hopes are laid on the Caspian region. which has large reserves.“ Hiraki said. According to vice minister. to raise production volume and. thus. profit. it is necessary to use the latest technologies and provide a developed oil and gas infrastructure. for example. pipelines. “Japan would like to support the region with its advanced technologies. We are also interested in joint exploration on promising oil and gas blocks in Azerbaijan.“ Hiraki noted. To remind. a Memorandum of Cooperation between SOCAR and the Japan Oil. Gas and Metals National Corporation (JOGMEC) is planned to be signed within the conference framework. The Memorandum provides for the joint seismic and geological exploration of two companies on prospective oil and gas blocks in Azerbaijan.
