Oil Production in Azerbaijan Decreased by 1.1 Million Tons in 2024

On December 11, 2024, the President of Azerbaijan, Ilham Aliyev, approved a law on the adoption, approval, and authorization for the implementation of the "Second Appendix to the Agreement of September 14, 2017, on the joint development and shared production of oil from the 'Azeri,' 'Chirag,' and deep-water part of the 'Guneshli' fields (ACG) in the Azerbaijani sector of the Caspian Sea," the official website of the President of Azerbaijan. According to the document, the amendments to the ACG contract now include the development of previously untapped natural gas and liquid hydrocarbons within the geographical boundaries of the ACG contractual territory.

From January to November 2024, Azerbaijan produced 45.8 bcm of gas (including volumes injected into oil wells). This represents an increase of 1.8 bcm compared to the same period last year.

Azerbaijan is currently selecting a company to build the country's first industrial battery energy storage system, Deputy Minister of Energy, Elnur Soltanov, told journalists. The state-owned company "Azerenerji" is conducting the necessary work to integrate renewable energy sources with a total capacity of around 2 GW into Azerbaijan's energy system. Currently, eight renewable energy projects with a total capacity of approximately 2 GW are underway in the country. To integrate these capacities into the energy system, the system operator "Azerenerji" is implementing innovations and modernizing the infrastructure, Soltanov noted.

Spanish companies are expressing interest in investing in Azerbaijan's renewable and green energy sectors. This issue was discussed during a meeting between the agency's director, Javid Abdullayev, and the Chargé d'Affaires of the Spanish Embassy in Azerbaijan, José Pedro Torrubia, according to the State Agency for Alternative and Renewable Energy Sources under the Ministry of Energy.