Azerbaijan is one of the birthplaces of the oil industry, as it’s history is liked to the richness of petroleum. Moreover, it’s definitely aimed to becoming an important gas and oil producer once again.
Recently, it’s been recorded that Azerbaijan oil sector has been grown by 33%. From January to July 2013, over $3.38 billion were invested in gas and oil sector in this country. This is 33.1% higher than what was last year. According to the Azeri news outlet Trend that 393.5 million manat was invested in oil and gas in July 2013, compared to 274 million in July 2012.
Let’s have a look at the oil and gas investment background of this country:
* Azerbaijan is the 2nd largest fastest-growing economy out of 179 nations across the world in terms of GDP per capita between 2001 and 2010.
* Its GDP is further expected to increase by 4.2% this year, according to World Bank.
* In Azerbaijan’s oil and gas sector, around $50bn has been invested and $120bn invested in national economy ever since 1995.
* Fortunately, there are many proven gas reserves in this country of around 2.6tcm.
* In its Shah Deniz gas field, around $45bn has been invested- i.e one of the biggest projects in this country, to produce 16bcm of gas for export to the markets of Europe.
* By 2025, around $26bn will be spent, as a part of the development of SOCAR.
* According to SOCAR, in Azerbaijan, there are 4bn tons of recoverable oil reserves.
Recently, it’s been recorded that Azerbaijan oil sector has been grown by 33%. From January to July 2013, over $3.38 billion were invested in gas and oil sector in this country. This is 33.1% higher than what was last year. According to the Azeri news outlet Trend that 393.5 million manat was invested in oil and gas in July 2013, compared to 274 million in July 2012.
Let’s have a look at the oil and gas investment background of this country:
* Azerbaijan is the 2nd largest fastest-growing economy out of 179 nations across the world in terms of GDP per capita between 2001 and 2010.
* Its GDP is further expected to increase by 4.2% this year, according to World Bank.
* In Azerbaijan’s oil and gas sector, around $50bn has been invested and $120bn invested in national economy ever since 1995.
* Fortunately, there are many proven gas reserves in this country of around 2.6tcm.
* In its Shah Deniz gas field, around $45bn has been invested- i.e one of the biggest projects in this country, to produce 16bcm of gas for export to the markets of Europe.
* By 2025, around $26bn will be spent, as a part of the development of SOCAR.
* According to SOCAR, in Azerbaijan, there are 4bn tons of recoverable oil reserves.
* By 2020, it’s estimated that the gas production will reach 30bcm and by 2025, it’ll be 50bcm.
Considering this boom in oil and gas production, there will be certainly much more investment opportunities flowing out for oil and gas investors in Azerbaijan. Thus, this country is one of the best places for those who want to make the most of their investment projects.
