The annual natural gas production in Azerbaijan will reach 40 billion cubic meters in 2025.
The statement came from President of the State Oil Company of Azerbaijan (Socar) Rovnag Abdullayev.
Addressing the opening of the second scientific and practical conference “New technologies in oil and gas extraction” in Baku, Abdullayev said that total gas production in Azerbaijan is projected to grow by 20 billion cubic meters as early as 2015 and will be doubled in 2025.
This will further inof Azerbaijan in ensuring regional and European energy security, according to Abdullayev.
Azerbaijan has roughly 2.55 trillion cubic meters of proven natural gas reserves, according to Socar vice-president Khoshbakht Yusufzadeh.
After the collapse of the USSR, despite political complications and the conflict with Armenia over the last two decades, Azerbaijan has succeeded in stabilizing and modernizing its economy through the development and export of energy resources. The most lucrative and stable gas market Azerbaijan can access is Europe with its 500 million consumers.