At current levels of production, Azerbaijan's oil reserves will run out in around 20-25 years. This is much sooner than for many of the other OPEC and non-OPEC countries that primarily depend on oil for growth and fiscal revenue, Moody’s said in its report.
‘However, Azerbaijan's gas reserves are also finite, and gas exports and revenue will unlikely make up for the loss in oil exports and revenue given lower margins. TANAP's capacity of 16 billion cubic meters per year at the initial stage and 31 billion by 2026 will allow Azerbaijan to boost exports of hydrocarbons by up to 105.5 and 204.5 million barrels of oil equivalent, respectively’, the agency said.
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