Approximately by 2025 gas production in Azerbaijan can reach 50 billion cubic meters per year, Gulmira Rzayeva, Research Associate at the Oxford Institute for Energy Studies (OIES), director of Eurasia Analytics, said at the 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku, Trend reports.
At the same time, she noted that the peak of gas production at Azerbaijani fields will be in 2022-2028.
Speaking about gas production, Rzayeva mentioned that Europe will receive the first batch of gas through the Southern Gas Corridor in 2020. She added that the Southern Gas Corridor is a competitive project that can ensure the diversification of energy supply sources for Europe.
"Azerbaijan is looking for potential markets for the transportation of its resources and today Turkey is the most optimal market in terms of economic feasibility. The Turkish market has acquired particular relevance for Azerbaijan after the introduction of a new energy security strategy by Turkey. This strategy ensures security of supply, market predictability and diversification. All three factors are attractive for Azerbaijan," Rzayeva said.
The 4th SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals was held in Baku on April 22, 2019. Over 300 participants, including representatives of the biggest oil and gas companies, refineries, trading companies, ports, terminals, banks and analytical agencies attend the event annually.
The participants of the 4th SOCAR Forum discussed regional gas projects; potential imbalances in the global hydrocarbon market in 2019; new oil and gas fields in the region and their impact on trade flows and export routes; Caspian and Central Asian oil in a global context; and key export markets for the region’s refineries and trade flows.
Among other issues, trends in the global markets for petrochemical products including price trends, trade flows and technology development, and current state and prospects of Transcaucasian railway routes to the ports of Georgia were also reviewed.