Oil and commercial gas production is expected to continue declining during 2026–2028 (except in 2027), leading to a reduction in the oil and gas sector, notes the draft law "On the State Budget for 2025," APA-Economics reports.
"The growth dynamics of the country's economy are significantly influenced by production volumes in the oil and gas sector. It should be noted that oil and gas production forecasts are prepared based on data from relevant organizations," the draft law states.
The document highlights that despite the decline in oil production in Azerbaijan in 2024, increased production at the Shah Deniz and Absheron gas-condensate fields, which hold a significant share of gas production, will positively impact the sector's development.
Projections indicate that in 2025, Azerbaijan's oil production will be 28.7 million tons, and commercial gas production will reach 38.4 billion cubic meters. By 2028, these figures are expected to decrease to 26.7 million tons and 36.6 billion cubic meters, respectively.
It is noted that in 2024, Azerbaijan's oil production is anticipated to be 29.2 million tons, and commercial gas output is expected to total 37.8 billion cubic meters.
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