Vienna: Minister of Energy Parviz Shahbazov highlighted Azerbaijan’s significant contributions to global energy supply during his speech at the Ministerial Session on Oil Markets: Energy Security, Growth and Prosperity at the 9th OPEC International Seminar.

According to Azeri-Press News Agency, Shahbazov emphasized Azerbaijan’s capacity to supply more than 20 countries with oil and 12 countries with gas. He detailed how Azerbaijani gas satisfies significant portions of energy needs in several countries, including 78% of Georgia’s gas consumption, over 50% in Bulgaria, 18% in Greece, approximately 16% in Italy, and 18.5% in Trkiye. Additionally, there is a growing demand for 14 billion cubic meters of gas from countries outside the Southern Gas Corridor. Shahbazov noted that Azerbaijan’s natural gas potential could be pivotal for Europe’s energy security, contingent on investment and long-term commitments. He pointed to the development of new deposits and infrastructure expansion as critical conditions for maximizing this potential, with expectations for additional oil condensate production by 2030 from five hydrocarbon projects developed with international partners.

The Minister also addressed future challenges, forecasting that oil and gas will constitute more than 53% of the energy mix by 2050. Shahbazov warned that current restrictions on developing traditional energy resources could lead to supply shortages. He underscored the importance of timely investments in energy projects to ensure a sustainable power supply, cautioning that delays could result in supply disruptions and tangible risks in the future.