BAKU, Azerbaijan, January 14. Azerbaijan’s Deputy Energy Minister Kamal Abbasov participated this week in the Voice of the South 2023 summit, organized within the chairmanship of India in G20, Trend reports.
Speaking at the event, Abbasov stressed that Azerbaijan is not only a stable supplier, but also one of the world's leading energy producers.
"Today, Azerbaijan strengthening its energy independence also maintains the energy balance of its partners by taking strategic steps that diversify it with environmentally friendly sources in addition to natural gas and electricity," he said.
The Ministry of Energy of Azerbaijan noted this week that Azerbaijan’s gas supplies to Europe stood at 11.4 billion cubic meters in 2022, of which 8.4 billion cubic meters accounted for Türkiye and 2.5 billion cubic meters - for Georgia.
Besides, according to the ministry, 46.7 billion cubic meters of natural gas were produced in Azerbaijan last year, which is increase of 6.5 percent, or 2.9 billion cubic meters of gas, compared to 2021.
The ministry also said this week that Azerbaijan produced 32.6 million tons of oil, including condensate, in 2022.
As the ministry explained, 20.4 million tons of oil fell on the share of Azeri-Chirag-Gunashli field, while 4.4 million tons of oil (including condensate) - on the share of Shah Deniz. The State Oil Company of Azerbaijan (SOCAR) produced 7.8 million tons of oil, including condensate.
"In the reporting period, Azerbaijan exported 26.3 million tons of oil, including condensate, with 1.4 million tons accounting for SOCAR," added the ministry.
The US Energy Information Administration (EIA) forecasted this week that petroleum and other liquids production in Azerbaijan will stand at 0.65 million barrels per day (mb/d) in 2023, as compared to 0.64 mb/d in the previous forecast.
According to the EIA, the quarterly production will stand at 0.67 million barrels per day in Q1, 0.65 million barrels per day in Q2, 0.64 million barrels per day in Q3 and 0.65 million barrels per day in Q4.
As the administration said, Azerbaijan is expected to produce 0.66 million barrels per day in 2024.
Fitch Solutions agency forecasted this week that supplies of Azerbaijani natural gas via the Southern Gas Corridor will be expanded from around 11 billion cubic meters to 20 billion cubic meters by 2027.
According to the agency, Azerbaijan is expected to commence exporting 'green' energy to Europe along the bottom of the Black Sea by 2029.
"The construction of a submarine cable will kick off in 2023, and the first energy transportation is expected by 2029. Azerbaijan is gradually increasing not only the gas exports but also "clean" energy to Europe, which will positively affect both the interaction of the parties and the trade turnover," the agency said.