TODAY.AZ / Business

Azerbaijan reveals oil and gas production volumes

30 December 2013 [17:50] - TODAY.AZ
Azerbaijan produced 43.5 million tons of oil in 2013, head of Azerbaijan's energy giant SOCAR Rovnag Abdullayev said on December 28.

Abdullayev further said the country also produced 29.5 billion cubic meters of gas.

The State Oil Company produced 8.34 million tons of oil and 7.15 billion cubic meters of gas.
Oil is produced independently by SOCAR as well as through joint ventures. In addition, oil and gas production is carried out under the contract on the development of the Azeri-Chirag-Guneshli field block. Gas and condensate are produced within the Shah Deniz field development project. In both contracts SOCAR operates within a consortium with foreign companies.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. Shares are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.

The contract for the development of the offshore Shah Deniz field was signed on June 4, 1996.

Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - 9 percent and SOCAR - 16.7 percent.



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