Azernews.Az

This week’s developments have been marked by significant progress in Azerbaijan’s energy sector, with a focus on gas production growth, advancements in oil extraction technology, and shifts in global geopolitics through the upcoming BRICS summit. Below is a detailed review of the latest events: Gas production surges ahead Since 2018, Azerbaijan has sustained consistent increases in gas output, and this trend continues into 2024, driven by new field developments. In the first nine months of this year, commercial gas production surpassed 28.2 billion cubic metres, reflecting a 5.2% rise. According to analysts, Azerbaijani gas production is projected to increase by 51% compared to 2020 levels, reaching 40 billion cubic metres by the decade’s end. While these forecasts highlight Azerbaijan’s growing focus on gas, they also suggest a notable shift in energy dynamics, with gas production poised to exceed oil output. The energy equivalent of gas produced so far this year is 25.4 million tons in oil terms, outstripping oil and condensate production by 3.8 million tons. However, revenue parity between gas and oil has not yet been achieved due to market price disparities.

Access to paid information is limited

Find the plan that suits you best.