15:49 - 18.11.2024

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November 18, Fineko/abc.az. The continued decline in oil and commercial gas production in 2026-2028 (with exception of 2027) will lead to reduction in the oil & gas sector.

ABC.AZ reports that this is stated in the Draft Law on State Budget 2025.

"The dynamics of country's economic growth is significantly influenced by production in the oil & gas sector. Forecasts of oil and gas production have been prepared on the basis of data from relevant organizations," the bill says.

According to the document, despite decline in oil production in Azerbaijan in 2024, an increase in production at the Shah Deniz and Absheron gas condensate fields, which have the main share in gas production, will have an increasing impact on development of the sector.

According to forecasts, in 2025, oil production in Azerbaijan will reach 28.7 million tons, and commercial gas - 38.4 bcm, and in 2028 these figures will fall to 26.7 million tons and 36.6 bcm, respectively.

In 2024, production of oil in Azerbaijan will  total 29.2 million tons and commercial gas - 37.8 bcm.