BAKU, Azerbaijan, November 24. Azerbaijan today stands as a leading force in both regional and global energy markets, using its substantial natural gas reserves to fully meet domestic demand and strengthen Europe’s energy security. Current assessments of the Caspian Sea’s gas potential further reinforce the country’s long-term energy strategy.
Currently, Azerbaijan meets its entire domestic consumption through indigenous production, while also serving as a reliable energy supplier to several European nations. The country’s confirmed natural gas reserves are estimated at 2.6 trillion cubic meters, although experts suggest that the actual reserves could be even greater.
This year marks the 15th anniversary of the discovery of the Umid gas-condensate field, one of Azerbaijan's most significant energy assets. The Umid structure underscores the untapped potential of deep and geologically complex zones in the Caspian Sea, reinforcing expert predictions that the country’s total gas reserves may exceed the currently confirmed figure of 2.6 trillion cubic meters.
The Umid field is the first major discovery fully implemented by SOCAR (State Oil Company of the Republic of Azerbaijan) using its own capabilities. This reflects the growing strength of national expertise and demonstrates that Azerbaijan is now capable of independently exploring and developing its own hydrocarbon resources. As a new and stable gas source, Umid is expected to increase production in the coming years, potentially enabling higher volumes for the Southern Gas Corridor (SGC) after its initial mention.
A few years ago, full-scale development of the Umid field began. On January 12, 2017, a new agreement was signed covering the exploration and development of the offshore block that includes the Umid field and the Babek prospective structure. Under this agreement, the Umid Babek Operating Company (UBOC) was established as the operator.