Azerbaijan signs $10b-plus investment deals

President Ilham Aliyev said the second phase of Absheron, one of the largest offshore fields in the Caspian Sea, would increase Azerbaijan's gas production by around 5 billion cubic metres within three to four years. "Oil and gas will continue to dominate our economy and to generate wealth, which will be reinvested," Aliyev Forum.

He said the non-oil sector now accounted for more than 70% of GDP, while oil and gas still made up more than 90% of exports. Azerbaijan exports gas mainly to Europe and Turkey, with about half of its 25 billion cubic metres of exports last year going to EU countries.

The expansion comes as disruptions to global energy supplies have heightened concerns over security of supply, although further growth in Azerbaijani exports to Europe would require additional pipeline capacity. Socar and US energy major Exxon.

Mobil signed a production-sharing agreement for the exploration, development and production of unconventional hydrocarbon resources in Azerbaijan's Middle Kura basin, with each company holding a 50% stake and Exxon. Mobil serving as operator.

Aliyev also said transit cargo volumes through the country are expected to reach 16 million metric tons this year, with a target of 25 million tons or more by 2030, while the government was negotiating with international companies, which it did not name, to develop data centres and AI in Azerbaijan.