250 companies from 31 countries gathered in Baku from June 31 to 2, 2023 for the 28th edition of the Caspian Oil & Gas Show.
This summit represents one of the major gatherings of oil, gas and energy professionals in the Caucasus and Caspian region.
Azerbaijan has the world's 20th largest proven oil reserves and 25th largest proven gas reserves, but with substantial unexplored offshore potential.
Most of the country's hydrocarbon production is located in the Caspian Sea, in particular the Azeri-Chirag-Guneshli (ACG) field, which accounts for 75% of national oil production and 45% of gas production.
Since the war in Ukraine, Azerbaijan has been a strategic partner for Europe. In July 2022, Azerbaijan and the European Union signed a contract on the Strategic Energy Partnership, which should double Azerbaijan's gas deliveries to Europe by 2027.