Azerbaijan's revenue from offshore Azeri-Chirag-Guneshli & Shah Deniz totals over $170bn
Qabil Ashirov
Read moreFor over 27 years, Azerbaijan's oil and gas sector has seen more than $89bn dollars in foreign investment, Azernews reports, citing Energy Minister Parviz Shahbazov telling at the event, entitled "National leader Heydar Aliyev is the author of Azerbaijan's independent energy policy".
The signing of the Shah Deniz contract in 1996 was one of the main contributions of Heydar Aliyev’s long-term energy policy in Azerbaijan, he said.
“Thanks to that contract, it became possible to build the Baku-Tbilisi-Erzurum gas pipeline and create the Southern Gas Corridor. Today, each of these projects is an important source of energy security and economic success for our country and our partners. About 569m tons of oil, 40.6m tons of condensate, and about 390bn cubic meters of gas were extracted from Azeri-Chirag-Guneshli and Shah Deniz fields, and more than $170bn income was obtained. Baku-Supsa transported 99.4m tons of oil, while BTC transported 477.5m tons of Azerbaijani and 55.4m tons of foreign oil, bringing over 533m tons of oil to the world market. Some 130bn cu. m. of gas was exported so far through the South Caucasus Pipeline, TANAP, and TAP. For 27 years, $89bn in foreign investment has been invested in the oil and gas sector," he said.
He added that over two years, 21bn cu.m. of gas have been supplied to Europe through the Southern Gas Corridor, and Azerbaijan is further diversifying its energy connections between the Caspian and the Mediterranean Seas as an oil supplier, and the Caspian and the Adriatic Seas as a gas supplier.
Notably, the issue of gas supplies to Europe was also discussed at a meeting between US Secretary of State Antony Blinken and Greek Foreign Minister Nikos Dendias, and the first noted that the US and Azerbaijan will secure the supply of almost 100 percent of Bulgaria's gas needs in 2024.
He added that the newly constructed Interconnector Greece-Bulgaria (IGB) is allowing Bulgaria to diversify its supplies and shift from Russian gas.
"In the next year, Bulgaria will import nearly 100 percent of its domestic gas needs from Azerbaijan and the United States as a result of this Interconnector," he added.
---
Follow us on Twitter @AzerNewsAz