Azerbaijan increased gas production by almost 73 percent in 2017-2021, Trend reports via S&P Global Ratings Agency.
According to the agency, Azerbaijan may increase gas production by another 20 percent in 2025.
“Despite the gas production growth, in the medium term, its export will play an insignificant role in Azerbaijan’s economy and will amount to nearly 20 percent of the total hydrocarbon export,” stated the agency.
In addition, S&P believes that even if spot gas prices in Europe reach a record level, Azerbaijan will benefit little from this.
“Most of Azerbaijan’s gas contracts are long-term, and prices depend on oil,” S&P said in a statement.
Gas production in Azerbaijan in 2021 increased by 18.1 percent compared to 2020, and amounted to 43.9 billion cubic meters.
