Azer News: Rising gas ouput to compensate oil in advancing economic growth in Azerbaijan

Azerbaijan, which plays a major role in the process of realization of the Southern Gas Corridor, will further enjoy rising gas production volumes, which in turn will boost up its growing economy.

Standard & Poor's Rating Service, engaged in high-quality market intelligence, made such an announcement in its most recent report, noting that over the long term higher gas production should support economic growth and compensate for stagnating oil production in Azerbaijan.

Oil production in Azerbaijan increased from 315,000 bbl/d in 2002 to 1.0 million bbl/d in 2010. However, production declined since then, falling to 932,000 bbl/d in 2012 and 881,300 bbl/d in 2013. EIA projects Azerbaijan's production to decline to about 852,000 bbl/d in 2014.

Azerbaijan's State Statistical Committee noted that the crude oil exports peaked in 2010 when they averaged about 908,000 bbl/d, but exports have fallen every year since then as production declined. Azerbaijan exported an estimated 738,000 bbl/d of crude oil in 2013.
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