Baku Energy Forum - Azerbaijani minister forecasts oil production volume for 2022-2024

Azerbaijani minister forecasts oil production volume for 2022-2024



More than 34 million tons of oil are forecasted to be produced in 2022-2024 in Azerbaijan, Energy Minister Parviz Shahbazov said on Dec. 21 at a conference entitled "Model of Azerbaijan's development: yesterday, today and tomorrow," Trend reports.

According to Shahbazov, following the dynamics of growth in gas production, it’s expected to reach 50 billion cubic meters in 2024.

By the end of November 2021, about 7.3 billion cubic meters of natural gas were transported to Europe under long-term contracts and short-term spot transactions, he noted.

"Thus, it contributed to the supply of natural gas to European consumers on more favorable terms and ensured energy and environmental security. Besides, Azerbaijan has the potential to increase supplies to Europe,” the minister also said.

“If European consumers have additional demand for gas, appropriate steps will be undertaken in this direction, and in the future, the geography of our supplies can be expanded. Gas supplies to the Western Balkans region, and to a number of other countries of Eastern Europe can be launched," added Shahbazov.