A presidential aide announced the value of the agreements on Saturday during the Azerbaijan International Investment Forum, where Aliyev outlined developments in the country’s energy sector and broader investment plans.
One of the major agreements involved Azerbaijan’s state oil company SOCAR, France’s TotalEnergies and Abu Dhabi-based XRG reaching a final investment decision on the full development of the Absheron gas and condensate field.
Aliyev said the second phase of the project, located offshore in the Caspian Sea, could increase Azerbaijan’s gas production by about five billion cubic metres over the next three to four years.
“Oil and gas will remain central to our economy and continue to create wealth that will be reinvested,” Aliyev told the forum.
He said the non-oil economy now accounts for more than 70% of Azerbaijan’s gross domestic product, although oil and gas still represent more than 90% of the country’s exports.
Azerbaijan mainly exports natural gas to Europe and Turkey. The country exported about 25 billion cubic metres of gas last year, with European Union countries receiving roughly half of the total.
However, any significant increase in Azerbaijani gas supplies to Europe would require additional pipeline infrastructure.
Separately, SOCAR and US energy company ExxonMobil signed a production-sharing agreement covering the exploration, development and production of unconventional hydrocarbon resources in Azerbaijan’s Middle Kura basin.
Under the agreement, SOCAR and ExxonMobil will each hold a 50% interest, while ExxonMobil will serve as the project operator.
Aliyev also said cargo transported through Azerbaijan’s transit routes is expected to reach 16 million metric tons this year, with the government targeting 25 million tons or more by 2030.
The president further disclosed that Azerbaijan is in discussions with unnamed international companies about establishing data centres and developing artificial intelligence projects, as the government seeks to attract investment into sectors beyond oil and gas.
Goodness Anunobi
