Azerbaijan’s Natural Gas Exports to Europe Surged in Q1 2023

SEATTLE (Oil Monster): According to government data, Azerbaijan exported 6.5 billion cubic meters (bcm) of gas to overseas markets during the initial quarter of the year. Out of this, 2.9 bcm were delivered to Europe. The deliveries to Turkiye and Georgia totalled 2.7 bcm and 0.9 bcm respectively.

The natural gas deliveries from Azerbaijan to Europe totalled around 612 million cubic meters in the month of March this year. The exports to the region generated approximately €596 million in revenues for the country.

The gas exports from Azerbaijan to the European market has been on the rise since the past few years. The exports which had totalled only 8 bcm in 2021, had increased significantly to 11.4 bcm in 2022. As of today, Azerbaijan supplies nearly 27 million cubic metres of gas per day to European region, which has become the single largest destination of natural gas exports from the country.

As per predictions, the supply to Europe is expected to touch 12m bcm this year and 20 bcm by 2027.

In addition to existing destinations, talks are in progress towards supply of gas to new European markets, including Hungary, Slovakia, Montenegro, North Macedonia, Bosnia and Herzegovina, Croatia, and Serbia.