Transparency Snapshot
Azerbaijan's key natural resources are petroleum and natural gas. Estimated oil production reached over one million bbl/day in 2007, but projections call for a decline from 2010 onward. Azerbaijan has seen enormous growth in its production of natural gas, with 2009 production estimated at 812 billion cubic feet.
The hydrocarbon and mineral sectors represent almost 37 percent of GDP and 92 percent of exports. Real GDP growth reached a record high of 29 percent in 2007 due to increases in oil production and international oil prices, but has contracted during the global economic downturn to five percent as of 2010.
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Extractive Industries
The European Union and Azerbaijan signed a long-awaited agreement on natural gas supplies in January 2011. The agreement requires Azerbaijan to make gas available to the EU's Southern Corridor import route but is vague about which pipeline would carry the gas.
Petroleum and natural gas are the country's main natural resources. Estimated oil production rose to over one million bbl/day in 2007, and net oil exports exceeded 900,000 bbl/day. From 2006 to 2007, Azerbaijan was the largest contributor to non-OPEC supply growth.
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