SOCAR: Azerbaijan has gas reserves and plans to develop them

Azerbaijan has gas reserves and plans for the introduction of those reserves on stream which will be in line with targets established under the memorandum between Azerbaijan and the EU last summer, Deputy Vice President of Azerbaijan’s State Oil Company SOCAR Vitaly Baylarbayov said in an interview with S&P Global.

In mid-2022, Azerbaijan and the EU signed a memorandum of understanding to increase gas supply to Europe to 20 billion cubic meters by 2027.

Baylarbayov said that concerns that Azerbaijan will struggle to reach this target are groundless.

"We clearly have reserves and plans for the introduction of those reserves on stream which will be in line with targets established under the memorandum between Azerbaijan and the EU,” Baylarbayov noted.

Azerbaijan expects new volumes to come on stream from Absheron, where the next stage is due to start production in July. Other options include the development of gas at the Azeri-Chirag-Gunashli, Umid and Babek fields.

He said that these volumes could come on stream very soon if offtakers sign long-term sale and purchase agreements.

Baylarbayov noted that negotiations for both short- and long-term supplies are ongoing with buyers and transportation service providers.

He added that Azerbaijan will closely follow Türkiye’s plans to develop a gas hub.

"Türkiye is for us a partner in this gas business, which is extremely important. Of course, we'd like to understand it well and if it serves the purpose we will be there,” he said.





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