Fitch: Azerbaijan’s natural gas reserves to be sufficient for another 120 years
By Ayya Lmahamad
Azerbaijan's natural gas reserves will be sufficient for another 120 years, given the level of natural gas production in early 2020, according to a joint report by Fitch Ratings and BP.
The agency stated that Azerbaijan ranks 2nd for sufficiency of gas reserves in the world, followed by Qatar, with the country’s gas reserves in 2019 amounted to 0.8 percent of overall global reserves. Azerbaijan produced 35.6 billion cubic meters of gas in 2020 and 37.1 billion cubic meters in 2019.
Moreover, according to Fitch Ratings estimations and given the level of oil production at the beginning of 2020, Azerbaijan’s oil reserves are forecasted to be sufficient for another 25 years.
The agency reported that Azerbaijan ranked 11th in the world for oil sufficiency. The top three countries for these indicators are Kuwait, Iraq and Canada.
It should be noted that Azerbaijan produced 34.6 million tons of oil in 2020 and 37.5 million tons in 2019.
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