Mikail Jabbarov: The development of "Absheron" will change the energy balance of the country by 2029

In Azerbaijan in 2026, oil production is projected to be 27.6 million tons, and commercial gas - 38 billion cubic meters.

As BAKU.WS reports with reference to Report, this was announced by Minister of Economy Mikayil Jabbarov during the discussion of the draft law "On the state budget for 2026" in the Milli Mejlis committee on economic policy, industry and entrepreneurship.

The minister noted that the full-scale development of the "Absheron" field in 2029 will lead to increased production and positively affect the country's economy.

"In 2029, as a result of the full-scale development of the "Absheron" field, an increase in both oil and gas production is expected, which will have a positive impact on GDP in this sector in the specified year. In general, the oil and gas sector is projected to decrease its share in GDP by 2.4% in 2026 and by an average of 0.6% in 2026-2029," he said.

As a reminder, the "Absheron" field, located in the Azerbaijani sector of the Caspian Sea, approximately 100 km southeast of Baku, is operated by the operating company JOCAP - Absheron Petroleum. The first gas from the field was obtained in early July 2023.