An agreement on the development of the second phase of the Absheron gas field will be signed today. The project is expected to increase Azerbaijan's gas production by an additional 5 billion cubic meters in three to four years.

Operativ Media reports that President of Azerbaijan Ilham Aliyev said this during his speech at an event themed "Restoring Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability," organized as part of the 2nd Azerbaijan International Investment Forum in Baku.

"Regarding gas, an agreement on the development of the second phase of the Absheron field will be signed today. This project will lead to an additional 5 billion cubic meters of gas production in Azerbaijan in three to four years," the head of state emphasized.

Ilham Aliyev noted that although significant work has been done to diversify the economy, the oil and gas sector will maintain its important role in the country's economy.

The president stated that two important agreements will be signed today. He said one of them is with Exxon for the development of unconventional oil and gas resources in Azerbaijan, which hold great potential.

"If exploration is successful, it could lead to a new oil and gas boom in Azerbaijan," the president said.

The head of state noted that the main trend regarding fossil fuels in the Euro-Atlantic area is currently changing.

"I thank President Trump for this," Ilham Aliyev added.

The president recalled that agreements were also signed during this year's Baku Energy Week. According to him, the oil and gas sector will remain one of the most attractive areas in the long term and the largest segment in terms of investment volume.

Ilham Aliyev stated that there are not many countries in the region, or in the wider geography, with additional energy production capacity. According to him, most countries face energy shortages and purchase energy resources, including from Azerbaijan.

The president noted that Azerbaijan's capabilities in the energy sector can also be used for digital development, data centers, and the development of artificial intelligence. He said active negotiations are underway with the world's leading companies in this direction.

The head of state said that renewable energy refers not only to energy production, but also to its transmission and storage.

"We already have 250-megawatt energy storage systems. But this is only the beginning. We want to become a very important supplier of electricity," the president emphasized.

Ilham Aliyev added that in addition to the oil, natural gas, petroleum products, petrochemicals, and fertilizers exported by Azerbaijan, increasing electricity exports, especially to the European market, will further strengthen energy security, connectivity, and interdependence.

"We are one of the few countries in the region that exports all of these products," the head of state noted.