Volume of investments in Azerbaijan’s oil, gas production for 2023 grows

The total investments in oil and gas production in Azerbaijan amounted to 5.636 billion manats (over $3.315 billion), which is 20.5% year-on-year, Report informs, citing the country's State Statistical Committee.

During this period, investments in oil and gas production accounted for 26.5% of all investments in the Azerbaijani economy.

The public sector saw an investment of over 1.088 billion manats (over $640.35 million), a 2.1-fold increase, while the private sector received over 4.547 billion manats (about $2.674 billion), a 9.4% rise compared to the previous year.

In 2023, foreign investments in the oil and gas production sector stood at more than 3.261 billion manats (over $1.918 billion), with domestic investments totaling approximately 2.375 billion manats (almost $1.397 billion).

Additionally, around 2.979 billion manats (over $1.752 billion) were allocated to construction and installation works within the oil and gas production sector.

Investments in fixed capital for petroleum products output in 2023 were 565.37 million manats ($332.57 million), a 1.9% decrease. Also, 113.4 million manats (over $66.74 million) were directed towards construction and installation works.

Overall, the oil and gas sector in Azerbaijan attracted 6.307 billion manats (just under $3.71 billion) in investments in 2023, marking an 11.5% increase.