If everything goes according to plan, gas production from deep-gas the Azeri-Chirag-Guneshli (ACG) oil block is planned by the end of 2024, the President of Azerbaijan Ilham Aliyev said on May 31 at the opening ceremony of the 28th International Exhibition “Oil and Gas of the Caspian Sea”.
Baku hopes to “hear good news” about the start of gas production from the Absheron field “in the near future, even I would say very soon”, Aliyev added.
In addition, the President of Azerbaijan considers it important for international financial institutions to participate in financing projects to ensure gas supplies to Europe.
“We know that due to the transition to green energy, some international financial institutions have stopped financing projects based on fossil fuels. But we have to be realistic about things. Today it is clear that without the supply of natural gas, energy security cannot be ensured in the required volume,” Aliyev said.
He noted that Azerbaijan intends to expand the geography of gas supplies to Europe, considering the growing demand, for which it is necessary to resolve the relevant issues.
Aliyev stressed that over the past year and a half, more than 10 countries have asked Baku to increase or start gas supplies.
The Azerbaijani President added that much more needs to be done to increase gas supplies to Europe.
“We have new ideas, new plans. We need unhindered access to other European pipeline systems, including the Trans-Balkan Pipeline. Thus, all these issues need to be solved jointly, as they require significant investments. Therefore, all this definitely requires continued work in the team,” the President of Azerbaijan noted.