TODAY.AZ / Business

Oil and gas production increases in Azerbaijan

15 April 2014 [16:05] - TODAY.AZ
Azerbaijan produced 10.56 million tons of oil in the first quarter of 2014 which is 255,000 tons more than the same period in 2013, the Azerbaijani Minister of Energy Natig Aliyev said.

"The country produced about 7.68 billion cubic meters of gas in January-March, which is 557 million more than the same period in 2013," the minister said at the meeting of the Cabinet of Ministers dedicated to the results of socio-economic development in the first quarter of 2014 and future tasks under the chairmanship of the Azerbaijani President Ilham Aliyev.

Some 43.1 million tons of oil and gas condensate were produced in Azerbaijan in 2013 compared to 42.98 million tons in 2012. Also, the country produced 17.9 billion cubic meters of marketable gas last year, compared to 17.24 billion produced in 2012.

Furthermore, the minister said that a new "West Chirag" platform was commissioned on January 29, 2014 within a large-scale development block of oil and gas fields - Azeri-Chirag-Guneshli in the Azerbaijani sector of the Caspian Sea.

Most of the produced oil accounts for the ACG in Azerbaijan.The platform is planned to produce 8.2 million tons of oil and 2.8 billion cubic meters of gas each year.

"About 7.91 million tons of oil produced from the ACG block in January-March compared to the forecasted 7.69 million tons," Aliyev said.

Proved oil reserves are estimated at one billion tons at the block.

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 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.



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