Jabbarov noted that oil and gas production remains a key factor influencing economic growth:
"With the full-scale development of the Absheron field by 2029, both oil and gas output are expected to rise, positively impacting the sectorchr("39")s GDP that year. Overall, the oil and gas sectorchr("39")s GDP is expected to decrease by 2.4% in 2026 and on average by 0.6% annually from 2026 to 2029," he said.
The Absheron field, located about 100 km southeast of Baku in the Azerbaijan sector of the Caspian Sea, is operated by the Joint Operating Company of Absheron Petroleum (JOCAP), with first gas produced in early July 2023.
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