Serbia Hopes to Strengthen Energy Security with Increased Gas Supplies from Azerbaijan

“Russneft” has exited its oil production projects in Azerbaijan due to corporate necessity,  the company’s president, Yevgeny Tolochok told journalists at the Russian Energy Week. When asked why the company withdrew from its projects in Azerbaijan, Tolochok replied: “Corporate necessity.” He also added that the exit from these assets “will have absolutely no impact” on Russneft's production activities.

At the end of last week, Azerbaijan and “Masdar” (UAE) held discussions regarding the project to create an energy storage system, a message from the State Agency for Renewable Energy Sources under the Ministry of Energy of Azerbaijan.

Hydrocarbon production by “LUKOIL” in the first half of 2024 amounted to 2.289 million barrels of oil equivalent per day,  a 1% decrease compared to the previous year, according to the company's report.

Gas production in Russia is expected to grow by about 10% in 2024 compared to last year, announced Russian Deputy Prime Minister Alexander Novak in an interview with the "Russia 24" channel. This growth will bring gas production to approximately 700 bcm. He noted that Russia has redirected about 30-40% of its gas exports after losing Western markets. In addition to increasing supplies via the "Power of Siberia" pipeline, Novak highlighted a rise in exports to Central Asia.