Energy Minister: "Sustainable energy supply is impossible without investment”

Minister of Energy Parviz Shahbazov made a speech at the Ministerial Session on Oil Markets: Energy Security, Growth and Prosperity at the 9th OPEC International Seminar. The role of Azerbaijan in the energy trilemma - maintaining the balance between supply security, accessibility and sustainability, especially in oil and gas supply to Europe.

It was emphasized that Azerbaijan currently supplies more than 20 countries with oil and 12 countries with gas. It was noted that Azerbaijani gas currently provides 78% of gas consumption in Georgia, more than 50% in Bulgaria, 18% in Greece, about 16% in Italy and 18.5% in Türkiye, and currently there is an additional demand for gas in the amount of 14 bcm from countries that are not members of the Southern Gas Corridor. Minister Parviz Shahbazov said that Azerbaijan's natural gas potential can play an important role in Europe's energy security, but the full realization of this potential is possible on the basis of investment and long-term commitments. According to him, the development of new deposits and the expansion of infrastructure are the main conditions in this regard. It was noted that from 5 hydrocarbon projects developed together with international partners, additional oil condensate production is expected by 2030. Also, work is underway on promising onshore and offshore structures.

The Minister stressed that despite forecasts that the share of oil and gas in the energy mix by 2050 will be higher than 53%, current restrictions on the development of traditional energy resources may result in a shortage of supplies in the future: “Considering that oil and gas occupy a key place in our energy mix and this trend will continue in the future, investments in this area should not be postponed.  Sustainable power supply is impossible without investment. A decrease in investment in energy projects may lead to disruptions in supply and real risks in the future,” the Minister added.