In Azerbaijan, oil production in 2024 increased by more than 1.8 times and gas production by 9.9 times compared to 2003, this was reflected in the Cabinet of Ministers' 2024 report, APA-Economics reports.
In 2003, the country produced 15.4 million tons of oil and 5.1 billion cubic meters of gas, while in 2024, these figures reached 29.1 million tons and 50.6 billion cubic meters, respectively.
It should be noted that compared to the peak period of oil production in Azerbaijan, the 2024 figures show a more than 1.7-fold decrease. The peak oil production in Azerbaijan was recorded in 2010 at 50.8 million tons.
According to the report, in 2024, 29.1 million tons of oil and 50.6 billion cubic meters of gas were produced in the country's oil and gas sector, representing a 3.3% decrease and a 4.3% increase, respectively, compared to the previous year.
It was noted that oil exports in 2024 amounted to 24.4 million tons, and gas exports to 25.5 billion cubic meters — a 3.2% decrease and a 7% increase compared to 2023, respectively.
“Throughout 2024, comprehensive measures were developed and implemented in the field of oil and gas production. Additional research was conducted to involve promising areas with residual oil and gas reserves in intensive development, and infrastructure was expanded through the design and construction of new hydro-technical facilities,” the report emphasized.
It was stated that to maintain and partially increase oil and gas production in 2024, a total of 245.7 thousand meters of drilling work was carried out by SOCAR, consortia, and operating companies.
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