(MENAFN- AzerNews)
Abbas Ganbay Read more
The British publication The Economist, in its special edition of
Energy Outlook 2024, informs that Azerbaijan is among the main
sources of gas production growth, Azernews reports.
Oil and gas production, supported by high prices, will continue
to grow.
Against the backdrop of high commodity prices and the European
Union's efforts to replace gas supplies from Russia, new investment
in fossil fuel production will continue in 2024.
The report says global natural gas production is expected to
grow at a 2.2 percent annualised rate.
"The main sources of production growth will be North America,
Norway, the Middle East, North Africa, Azerbaijan, Turkmenistan,
China, Australia, and Mozambique," the magazine said.
Liquefied natural gas exports to the U.S. will reportedly grow
in the coming years as export opportunities expand. This will
support growth in domestic production, which is projected to grow
by 1.9 percent in 2024.
"We project that Russian gas exports will begin to recover,
albeit modestly, starting in 2024. Oil prices are expected to
remain high in 2024. OPEC, led by Saudi Arabia and Russia, shows
determination to cut production to support them, although they have
fallen below their peak in 2022," the report said.
It should be noted that Azerbaijan is one of the countries that
exports the most gas to Europe, and it is moving forward in this
increasing direction.
To recall, back in 2022, Azerbaijan exported 11.4 Bcm of gas to
Europe, and in 2023, this volume exceeded 12 Bcm.
Azerbaijan exports gas to Europe from the Shah Deniz field via
the Southern Gas Corridor and has plans to raise exports to 20
Bcm/year by 2027 under a Memorandum of Understanding agreed with
the European Commission in July 2022.
Moreover, according to Azerbaijan's Energy Minister,
Azerbaijan's gas export increased by 5.3% in 2023.
“11.8 bcm of gas was exported to Europe, 9.5 bcm to Türkiye, and
2.5 bcm to Georgia," minister Shabazov added.
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