Azerbaijan's gas production rose by 73% over the last 5 years--S&P

# 22 January 2022 11:50 (UTC +04:00)

Consequently, between 2017 and 2021, Azerbaijan's gas production rose by an estimated 73%, APA-Economics reports citing the forecast of S&P Global Ratings.

It is noted in the report that it will rise by a further 20% through 2025: "Nevertheless, even considering this recent production ramp-up, gas exports will play a relatively modest role in Azerbaijan's economy, accounting for about 20% of hydrocarbon exports compared with oil's contribution of close to 80% over the medium term".

"Additionally, although spot European gas prices have hit record highs, Azerbaijan will benefit from this only partially because most of its contracts are long term, with prices linked to oil," noted in the report.

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