The gas swap agreement is anticipated to grow by 70% this year, bolstered by the expansion of Iran’s gas transit infrastructure and a new gas import agreement with Turkmenistan.
Chegeni did not mention the volume of gas he expected to be transited to Turkmenistan this year but
It is unclear how much of that gas would be transited to Azerbaijan but what is certain is that Azerbaijan needs extra volumes of gas both to meet its own growing domestic demand and to meet its export commitments to Georgia, Turkey and Europe.to double the volume of gas it sends to Europe through the Southern Gas Corridor to an annual 20 billion cubic meters by 2027, to help compensate for the loss of Russian gas.
However, even if the drilling confirms commercially extractable reserves it is unlikely that production could begin before 2027. from its Absheron field by the end of this year. However initial production will be only an annual 1.5 billion cubic meters, which has already been earmarked for Azerbaijan's growing domestic gas market, where demand grew by 18 percent between 2018 and 2021.
Unsurprisingly Russia's invasion of Ukraine last year has rekindled interest in Turkmenistan as a source of gas.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
70% of companies have planned a digital transformation strategy. Why is it important?IN 2021, $ 1.5 trillion was spent globally on digital transformation, and investment in this...
Read more »
Souness charity swim smashes target as donations continue to flood in a week onBig hearted Graeme Souness has raised nearly £1.5million for skin charity Debra after his English Channel swim
Read more »
Oil and gas majors step up efforts to diversify into lithium\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
The much-loved UK theme park that's hiding an astonishing secretA MUCH-LOVED theme park in the UK is hiding an amazing secret – do you know what it is? Paultons Park in Hampshire features more than 70 rides, including roller coasters, family rides, and at…
Read more »
First Major Solar Power Plant Takes Shape In Azerbaijan | OilPrice.comAzerbaijan has started the installation of its first significant solar power plant, the Garadagh plant, which is expected to reduce the country's dependence on natural gas, meeting 30% of its power demand from renewables by 2030.
Read more »
Australian police raid Britishvolt owner over suspected tax fraud\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
Read more »