Sustainable energy supply is impossible without investment, says Azerbaijani Energy Minister

Parviz Shahbazov, Azerbaijan’s Minister of Energy, addressed the ministerial session titled “Oil Markets: Energy Security, Growth and Prosperity” at the 9th OPEC International Seminar.

He spoke about Azerbaijan’s role in the energy trilemma – maintaining a balance between supply security, accessibility, and sustainability, particularly regarding oil and gas supplies to Europe.

The Minister emphasized that Azerbaijan currently supplies over 20 countries with oil and 12 countries with gas. He noted that Azerbaijani gas currently accounts for 78% of gas consumption in Georgia, more than 50% in Bulgaria, 18% in Greece, around 16% in Italy, and 18.5% in Türkiye. He added that there is currently additional demand for 14 billion cubic meters of gas from countries that are not members of the Southern Gas Corridor.

Minister Parviz Shahbazov stated that Azerbaijan’s natural gas potential could play a crucial role in Europe’s energy security, but its full realization depends on investment and long-term commitments. According to him, developing new fields and expanding infrastructure are essential prerequisites in this regard.

He noted that additional condensate production is expected from five hydrocarbon projects currently being developed in cooperation with international partners by 2030. Furthermore, work is ongoing on promising onshore and offshore structures.

The Energy Minister stressed that despite projections indicating that the share of oil and gas in the energy mix will exceed 53% by 2050, current restrictions on the development of traditional energy resources could lead to future supply shortages.

“Considering that oil and gas occupy a central place in our energy mix - and this trend is expected to continue – investments in this sector must not be postponed. A sustainable energy supply is impossible without investment. A decline in investment in energy projects may lead to supply disruptions and real risks in the future,” the minister added.