Aliyev announced plans to increase gas supplies to Europe and named the source

Azerbaijan plans to increase gas supplies to Europe by opening new fields, President Ilham Aliyev said. He spoke on November 12 at a round table within the framework of the European Political Community summit in Dublin, the press service of the Azerbaijani leader reported.

According to Aliyev, after the signing of the Memorandum on Strategic Partnership in Energy between Azerbaijan and the European Union in 2022, gas supplies to the EU increased from 8 billion to 13 billion cubic meters. This volume is almost half of Azerbaijan’s exports.

The gas pipeline from Baku to Italy, passing through the territories of seven countries, is already fully loaded. Azerbaijan supplies gas to ten EU countries, including through interconnectors in Bulgaria.

Aliyev stressed the need to expand the capacity of the pipeline. According to him, the capacity of the section passing through Greece to Italy has already increased from 10 billion to 11.2 billion cubic meters.

In late May, Reuters, citing three industry sources, reported that British oil and gas company BP plans to become the operator of the Babek gas field development project in the Caspian Sea. Its reserves are estimated at about 400 billion cubic meters of gas and 80 million tons of gas condensate.

In late July, Aliyev announced the conclusion of a ten-year contract for the supply of 1.5 billion cubic meters of gas to Germany annually, the APA news agency reported. According to him, Baku is ready to increase supplies, but one of the obstacles was the cessation of financing of oil and gas projects by European banks within the framework of the green agenda. Aliyev urged banks to reconsider this policy.