A company Frontera Resources (USA) has revealed natural gas reserves in the amount of 42 billion cubic meters in the Mtzare Heavy deposits (Eastern Georgia.) "It was established that gas reserves in this field total 42 billion cubic meters, which will provide energy independence for Georgia," said on Friday President of the Frontera Resources, Steve Nikandros, at the ceremony of starting deliveries of gas from the field to the gas network of the country; $ 400 million were invested to the project. According to the executive director of Frontera Eastern Georgia, George Zambakhidze, more than 75,000 cubic meters of gas will be produced from the field.
Georgia consumes about 2,000 cubic meters of gas. Almost half of this amount, the country receives from Azerbaijan at a discounted price.
For Russian gas transit Georgia receives 10% of its total deliveries to Armenia.
Gas from Azerbaijan to Georgia comes under two contracts - on the first contract 500 million cubic meters it is received at $189. This is so-called "social gas", intended for the public.
Under the second contract comes commercial gas of 400 million cubic meters, priced at $ 240 per 1,000 cubic meters. -02D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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