Economy

Azerbaijan’s annual gas export to reach 48 billion cubic meters by 2040, GECF report

29-12-2017 | 15:04        

  

Azerbaijan’s natural gas will see a 9.1 percent growth reaching an annual export volume of 48 billion cubic meters by 2040, according to Global Gas Outlook report released by the Gas Exporting Countries Forum (GECF).

Slightly less than half (49.3%) of natural gas production currently comes from the CIS and North America, specifically the US, Russia and, to a lesser extent, Canada, Turkmenistan, Kazakhstan, Uzbekistan and Azerbaijan. Almost all of these countries will increase their gas production over the Outlook period, said the report.

GECF report shows that the CIS will be the largest exporter by 2040 and Russia, Turkmenistan, Azerbaijan, and Uzbekistan are the most important contributors to this expansion.

According to GECF analysts, as far as the medium-term is concerned, some significant pipeline projects in these regions will become operational in about four years: the Southern Gas Corridor (SCPX, TANAP and TAP), the Nord Stream 2, the fourth line of the Asia-China gas pipeline D, the Turkish Stream and the Power of Siberia.

The Gas Exporting Countries Forum (GECF or Forum) is an intergovernmental organization established in May 2001 in Tehran, Islamic Republic of Iran. The Member Countries of the Forum, are: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela. Azerbaijan along with Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru have the status of Observer Members.