An agreement on the development of the second phase of the Absheron field will be signed today, President of the Republic of Azerbaijan Ilham Aliyev said during his speech at an event on the theme “Rebuilding Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability,” held as part of the 2nd Azerbaijan International Investment Forum in Baku, APA reports.
“As for gas, an agreement on the development of the second phase of the Absheron field will be signed today. In three to four years, this project will lead to an additional increase of 5 billion cubic meters in Azerbaijan’s gas production,” the head of state emphasized.
President Ilham Aliyev noted that although much has been done to diversify the economy, oil and gas will continue to play an important role.
“Two important agreements will be signed today. One of them is with Exxon on the development of unconventional oil and gas resources in Azerbaijan, which have great potential. If exploration is successful, this could lead to a new oil and gas boom in Azerbaijan,” the President said.
The head of state said that the main trend regarding fossil fuels in the Euro-Atlantic space has now changed.
“For this, I thank President Trump,” President Ilham Aliyev added.
The President noted that agreements were also signed during Baku Energy Week this year. According to him, the oil and gas sector will remain one of the most attractive sectors and the largest segment in terms of investment volume.
“This is intended for the long term,” the head of state emphasized.
President Ilham Aliyev said there are not many countries in the region, including the broader region, that have additional energy generation capacity. Noting that most countries face energy shortages, the President said they import energy resources from abroad, including from Azerbaijan.
“Therefore, this advantage can be used for digital development, data centers and the development of artificial intelligence. We are already at a stage of very active negotiations with the world’s leading companies,” the head of state said.
The President said that by renewable energy, he means not only energy generation, but also its transmission and storage.
“We already have energy storage systems with a capacity of 250 megawatts. But this is only the beginning. We want to become a very important supplier of electricity,” President Ilham Aliyev emphasized.
The head of state said that alongside the oil, natural gas, petroleum products, petrochemical products and fertilizers exported by Azerbaijan, electricity exports, particularly to the European market, will further strengthen energy security, connectivity and interdependence.
“We are one of the few countries in the region that exports all these products,” the President noted.
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