"Azerbaijan's proven natural gas reserves stand at 2.6 trillion cubic meters," Aliyev said.
“Clearly, with such a volume of potential and 25 billion cubic meters of annual exports, we do not require additional energy sources.”
The oil reserves of the Azeri-Chirag-Gunashli field, which have been developed over 30 years, have increased from 500 million tons to 1.5 billion tons. A similar increase could occur in the assessments of the country's gas and gas condensate fields. "The 2.6 trillion cubic meters are estimated reserves from a decade ago," Aliyev said.
The president also highlighted Azerbaijan's active work in developing renewable energy sources. "In Karabakh and East Zangezur, over the past three years, we have implemented projects to create small hydroelectric power plants with a total capacity of about 300 MW, which will reach 500 MW in two years," he added.
Nuclear energy is of interest as a new economic sector, Aliyev also said.
It was previously reported that Ukraine and Gazprom signed a transit agreement for Russian gas to Europe at the end of 2019, effective until Dec. 31, 2024, under the "ship-or-pay" formula. Gazprom is obligated to pay for the transit of at least 40 billion cubic meters through Ukraine's GTS in 2021-2024, regardless of the actual volumes delivered.
In July 2024, Ukrainian President Volodymyr Zelenskyy announced that Ukraine is negotiating gas supplies from Azerbaijan to the EU.
Meanwhile, Azerbaijan's President Ilham Aliyev stated that Ukraine and the European Union have approached Azerbaijan with a proposal to establish gas supplies to Europe through Ukraine after the current transit contract with Russia expires at the end of 2024.
Ukraine’s state oil and gas company Naftogaz confirmed that there is a country ready to ensure gas transit through Ukraine.
Naftogaz confirmed in August 2024 that the company is ready to ensure gas transit through Ukraine.
Aliyev stated on Sept. 9 that without Azerbaijan, Ukraine would face serious problems.
In November, media reports suggested that Azerbaijan offered Ukraine an unusual deal, and Western neighbors are actually ready to allow Russian gas transit through Ukraine.