Minister: Number of countries buying Azerbaijani gas could exceed 10

ECONOMICS  01 June 2023 - 11:22

Energy Minister Parviz Shahbazov has said the number of countries to which Azerbaijani natural gas is exported may exceed 10.

Shahbazov made the remarks at the Baku Energy Forum on June 1, according to Report.

"This year's Forum coincided with the formation of a new global energy landscape based on the diversification of safe, reliable energy sources and routes, in particular the development of green energy. Azerbaijan is expected to export more than 24 billion cubic metres of gas this year. About half of them will be delivered to Europe. Presently, Azerbaijani gas is transported to six countries. With the expansion of the Southern Gas Corridor and the launch of the Solidarity Ring project, the number of countries buying Azerbaijani gas may exceed 10," he said.

The minister said that additional gas supplies require increased capacity in the Southern Gas Corridor and the Ring of Solidarity: "For this to happen, a well-coordinated effort by the partner countries is needed. We are planning projects not only for publicity purposes but also for strategic purposes. Development and introduction of all energy resources of the Caspian Sea to the world markets have always been carried out in parallel and in a consistent manner. Azerbaijan itself has always been the main locomotive of the energy route projects, and this unchanged line of our energy policy is still relevant today.”

Shahbazov said that Azerbaijan is currently working on several sources of additional gas volumes.

"The main source is our rich gas reserves. Our recoverable gas reserves are 933 billion cubic metres, proven reserves are 1.7 trillion cubic metres, and projected reserves are about 4 trillion cubic metres. The Absheron, Karabakh, Umid, Babek and Azeri-Chirag-Gunashli projects are expected to produce additional gas and export it to partners in the short to medium term,” he said.

Meanwhile, Shahbazov added that Azerbaijan will implement alternative energy projects with a capacity of 1.8 GW by late 2026, APA reports.

According to him, Azerbaijan can save up wind and solar energy another 1 billion cubic metres on exports as part of these projects.

The minister added that by 2030, the said figure will reach 5 GW, which means that the potential of "green energy" will grow.

Current trends suggest domestic consumption will hit 14 billion cubic metres in 2023 and 15 billion cubic metres in 2026. Meanwhile, forecasting models indicate that gas production in Azerbaijan will be around 47.8 billion cubic metres in 2023, 49.2 billion cubic metres in 2024, and 49.7 billion cubic metres in 2025.

Caliber.Az