Minister: Energy transition doesn't replace oil & gas, it complements them

The energy transition does not eliminate the role of oil and gas; rather, renewable energy sources complement the existing energy system, Azerbaijanchr("39")s Energy Minister Parviz Shahbazov said, Olaylar informs.

Speaking at the Inaugural Technical Committee meeting of the OPEC+ Charter of Cooperation (CoC) in Baku, Shahbazov highlighted that despite the acceleration of the energy transition, oil remains one of the main pillars of the global economy and energy security, and will continue to play this role in the coming decades.

"Last year, global installed renewable energy capacity increased by 15.5 percent, but this did not reduce the importance of hydrocarbons in the global energy balance. On the contrary, against the backdrop of rising energy demand, renewables complemented the existing system. This reality once again confirms that the current energy transition is not a process of replacement, but of complementarity," he said.

The minister also underscored that Azerbaijan, taking this reality into account, pursues a balanced energy policy based on the parallel development of oil, natural gas, and renewable energy sources: "Our goal is not to set energy sources against each other, but to build a sustainable energy system in which they complement one another, and to deliver all energy resources to international markets through diversified and reliable export routes. The energy crisis of recent years has shown that energy security cannot be ensured by relying on individual sources, but only through a policy based on the balanced development of all types of energy."

Shahbazov further pointed out that Azerbaijan currently supplies oil to nearly 20 countries in Europe and Asia.

"Including condensate, the countrychr("39")s average daily oil production is 553,000 barrels, with exports amounting to 445,000 barrels. In 1899, Azerbaijan ranked first in the world by providing about half of global oil production and refining. Today, although the share in global production is different, the countrychr("39")s strategic importance as a reliable energy supplier has increased even further. In modern times, strategic importance in the energy sector is determined not only by production volumes, but also by reliable and diversified supply routes, dependable partnerships, and uninterrupted energy deliveries. Azerbaijanchr("39")s strategic role is measured by its ability to reliably connect regions and markets, contribute to the energy security of its partners, and the trust it has earned as a reliable partner," the minister noted.