Transparency Snapshot

Azerbaijan was among the first countries to endorse the Extractive Industries Transparency Initiative and in 2009 became the first country to be granted Compliant status by the International EITI Board. Since 2004, a coalition of NGOs has pressed for improvements to EI transparency and collaboration between government and civil society in the management of the country's petroleum and natural gas resources.

The country's main natural resources are petroleum and natural gas. In 2007, estimated oil production rose to over 1 million bbl/d, but production is expected to decline from 2010 onward. Azerbaijan has seen enormous growth in its production of natural gas, with 2009 production estimated at 812 billion cubic feet.
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Extractive Industries

Azerbaijan's main natural resources are petroleum and natural gas. In 2007, estimated oil production rose to over 1 million bbl/d and net oil exports exceeded 900,000 bbl/d. For 2006-2007, Azerbaijan was the largest contributor to non-OPEC supply growth. The country has also seen an extraordinary turnaround in its production of natural gas, changing from a net importer in 2006 to a net exporter, thanks to large-scale investment and the discovery of new gas reserves. In 2009 natural gas production was estimated at 812 billion cubic feet, with domestic consumption at only 357 bcf (2008). Taken together, Azerbaijan's hydrocarbon and mineral economy represents roughly 53% of the country's GDP and 92% of merchandise exports.
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