Azerbaijan’s gas revenues exceeded the revenues of oil exports

According to the results of the first half of 2023, for the first time in the history of Azerbaijan, gas revenues exceeded revenues from crude oil exports, the data published in the monthly report of the State Customs Committee of the Republic of Azerbaijan.

Interestingly, neither the government of Azerbaijan nor the State Oil Company of Azerbaijan (SOCAR) wanted to inform the public about this separately. 

Even on July 11, at a meeting with the head of state, which was devoted to the socio-economic results of Azerbaijan for the first half of the year, nothing was said about such a historical event.

Although 15 years ago, when the first discussions on the export of Azerbaijani gas to Europe within the framework of “Shah Deniz-2” began, official Baku declared natural gas the main energy resource of the country for the current century. It was noted that “blue fuel” will replace “black gold” in the country’s economy.

In a short time, even the SOCAR logo, which was in the form of an oil rig, turned into a gas flame. In 2015, SOCAR opened its new headquarters, a 42-storey skyscraper in the form of a flame. With the start of Azerbaijani gas exports to Europe (December 31, 2020), Azerbaijan was increasingly perceived abroad as a gas country rather than an oil country. And everyone was waiting for this event to happen.

Yes, it happened already in June 2023. But for some reason, the authorities decided not to talk about it from the high stands and not to hold special events dedicated to this event.

According to the report of the Customs Committee, the export of declared volumes of Azerbaijani gas in January-June 2023 amounted to 10 billion 956 million 188.04 thousand cubic meters, which is 3.6% lower than in 6 months of 2022. The customs value of gas exports from Azerbaijan amounted to $8 billion 29 million 188.03 thousand (an increase of 7.9%).

Gas supplies accounted for 44.69% of Azerbaijan’s total exports during the reporting period (40.26% in January-June 2022). At the same time, during the reporting period, the share of oil in the total structure of Azerbaijan’s exports amounted to 43.43% (50.66% in January-June 2022).

The export of declared Azerbaijani oil in the first half of the year amounted to 12 million 818 thousand 606.52 tons, which is 0.8% lower than in the 6 months of 2022, and the cost is $7 billion 803 million 144.3 thousand (a decline of 16.6%).

Table of the share of oil and gas in Azerbaijan’s total exports:

Turan News Agency