Oil and gas output of SOCAR revealed

/By Azernews/

By Laman Ismayilova

Azerbaijan’s state energy giant SOCAR produced 21 million tons of crude oil and 3,4 cubic meters of marketable natural gas in January-June 2016.

The State Statistics Committee reported that in January-June, the total value of production in the mining industry was 9.5 billion manats ($6.05 billion), up 0.6 percent compared to the same period of 2015.

The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15-percent sulfur content and 35 degrees API.

Azerbaijan's proven oil reserves amounted to seven billion barrels at the end of 2015, according to BP's Statistical Review.

Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to Azerbaijan’s State Statistics Committee.

Almost all of Azerbaijan's natural gas is produced in two offshore fields—the Azeri-Chirag-Guneshli complex and Shah Deniz. The Shah Deniz natural gas and condensate field started producing in late 2006, making Azerbaijan a net gas exporter.

The country produced 9.9 bcm of commercial gas from Shah Deniz Stage 1 in 2015. However, the total gas production in Azerbaijan (including flared and re-injected gas to oil wells) reached 29.4 bcm in 2015, some 0.2 bcm less than 2014.

Azerbaijan's proven natural gas reserves were roughly 35 trillion cubic feet (Tcf) as of January 2014, according to OGJ. The vast majority of these reserves are associated with the Shah Deniz field. Discoveries of the Absheron and Umid formations between 2010-11 added a further 15 Tcf of resources estimated in place.