BAKU, Azerbaijan, Feb.24
By Leman Zeynalova – Trend:
Azerbaijan, which will have around 40 bcm of annual production by 2050, will emerge as the third-largest gas producer in Eurasia, Trend reports citing the Gas Exporting Countries Forum (GECF).
“Gas production in the region is expected to increase by almost 40 percent to reach a level of slightly less than 1300 bcm by 2050. Russia and Turkmenistan will source more than 78 percent and 17 percent of this expansion respectively. These two significant producers maintain their rating as the largest and second-largest gas producers in the region. Azerbaijan, which will have around 40 bcm of annual production by 2050, will emerge as the third-largest gas producer in the region. Progress in other phases of the giant Shah-Deniz field, as well as phases of Absheron, both located offshore in the Caspian Sea, is the leading upstream activity behind this expansion in Azerbaijan’s gas production,” said GECF in its latest report.
The organization estimates that marketed natural gas output in Eurasia reached more than 920 bcm in 2019, equal to 23.2 percent of global production.
“The region is the second largest gas producer globally after North America. Russia is the leading producer in the region and contributes to 78 percent of the region’s production. Turkmenistan and Uzbekistan respectively contribute 9 percent and 6 percent of regional output.
The outlook for gas production in the region is auspicious, and one of the main reasons behind this bright future is the development of export markets such as China and niche markets in Asia that are stimulating upstream activities and pipeline exports from the countries in the region. LNG development in Russia also brings some other export opportunities by unlocking certain fields, such as in the Arctic region, and this will support the expansion of Russian gas production,” reads the report.
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