Oil & gas continue to dominate Azerbaijan’s economy and provide most of its export and government revenue
Baku, March 7 - Neftegaz.RU. Azerbaijan now has more gas storage capacity than several European countries, the State Oil Company (
SOCAR) has said on its official Facebook page, Azernews has reported.
The company stated that in a time of rapid growth in global natural gas demand, the strategic importance of underground gas storage facilities (
UGS) becomes relevant once again.
The company said:
- SOCAR owns 2 UGS facilities, Galmaz and Garadagh, with a total capacity of 3.5 billion m3
-
The work is currently underway to expand Azerbaijan's UGS facilities to 5 billion m3
According to the company,
Azerbaijan's annual gas consumption is 13 billion m
3, and the country's available
gas storage facilities are sufficient to meet approximately 30 % of domestic demand.
It was earlier reported that Azerbaijan increased gas transportation by approximately 12.9 % in January 2022.
About 2 billion m
3 of gas were sold abroad.
Turkey received 0.8 billion cubic meters,
Europe received 0.8 billion m
3 and Georgia received 0.4 billion m
3.
Furthermore, over 0.5 billion m
3 were exported to Turkey via TANAP.
In addition, gas output totaled 4.1 billion m
3.
1.2 billion cubic meters were extracted from the
Azeri-Chirag-Guneshli field block, while 2.2 billion m
3 were extracted from Shah Deniz.
During this time, SOCAR produced 0.7 billion m
3 of gas.
