Energy & Mineral Resources
Azerbaijan is a net energy exporter; crude oil and natural gas production and exports are central to Azerbaijan’s economy and government revenues. Natural gas accounts for about two–thirds of Azerbaijan’s total domestic energy consumption. Oil supplies less than one–third of total energy consumption.
With help from the European Bank for Reconstruction and Development, Azerbaijan is developing “renewable energy auctions” to support private investment in further renewable energy projects. Azerbaijan currently has about 6,650 megawatts of generating capacity, and about 92 percent of the country’s energy in 2019 was produced by burning natural gas. Recently Masdar signed an agreement with Azerbaijan’s Ministry of Energy to develop and finance a 200-megawatt utility scale solar photovoltaic (PV) project. The solar plant supports Azerbaijan’s target of producing 30% of its electricity needs from renewable energy source by 2030.