Azerbaijan signs over $10 billion in investments
Global Banking & Finance Review
Azerbaijan announced more than $10 billion in potential investments at an international forum and a series of energy deals. State oil company SOCAR, TotalEnergies and XRG took a final investment decision on full-field development of the Absheron gas and condensate field, which president Ilham Aliyev said will raise gas production by about 5 billion cubic metres within three to four years. SOCAR and ExxonMobil also signed a 50% production-sharing agreement for unconventional resources in the Middle Kura basin. The country exports mainly to Europe and Turkey, but expanding European deliveries will require more pipeline capacity.
Absheron development will add about 5 billion cubic metres of gas.
Context
Azerbaijan held an international investment forum and signed multiple deals. The government approved the Absheron field development that should raise gas output soon. More pipeline capacity would be needed for increased exports to Europe.
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