BAKU, Azerbaijan, November 15. Azerbaijan has witnessed a 4.2 percent increase in natural gas production during the first ten months of this year compared to the same period last year, reaching a total of 40.1 billion cubic meters, the country's Energy Minister Parviz Shahbazov, wrote on X, TurkicWorld reports.

He noted that out of this, 19.8 billion cubic meters were exported.

Additionally, oil and condensate production in Azerbaijan during this period amounted to 25.3 million tons, with 21 million tons of oil and condensate being exported, said Shahbazov.

Azerbaijan began gas supplies to Europe via the Southern Gas Corridor on December 31, 2020. The total cost of the project amounted to $33 billion, notably less than the initially forecasted $45 billion. Capital expenditures for the Southern Gas Corridor project are expected to be fully reimbursed within 8–10 years.

In July 2022, Azerbaijan and the EU reached an agreement to increase the volume of gas supplies via the Southern Gas Corridor from the existing 10 billion cubic meters to 20 billion cubic meters by 2027.