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SOCAR reveals oil & gas production volumes

18 January 2017 [13:53] - TODAY.AZ

By Azernews


By Nigar Abbasova

Azerbaijan’s state energy giant SOCAR has revealed the volume of its oil and gas production for 2016.

Energy-rich Azerbaijan produced 416.5 million tons of oil and 128.2 billion cubic meters (bcm) of associated gas from the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Caspian Sea in November 1997 as of January 1, 2017.

Khoshbakht Yusifzade, First Vice President of SOCAR said that some 2.5 million tons of oil and more than one billion cubic meters of gas are monthly produced at the ACG block of oil and gas fields in the Caspian Sea, mentioning that 231.8 million tons of the total volume of the oil produced at the field accounted for profitable oil.

 “The share of Azerbaijan’s profitable oil is increasing year by year. In 2016, Azerbaijan exported 32.7 million tons of oil to global markets. Out of this volume 19.3 million tons of oil (59 percent) accounted for Azerbaijan’s profitable oil,” he said in his article published on January 18.  

Nearly 321.7 million tons of oil out of the exported 435.4 million tons was transported via the Baku-Tbilisi-Ceyhan pipeline.

In 2016, the country produced more than 41 million tons of oil and 29.4 bcm of gas.

Yusifzade mentioned that 7.5 million tons of oil and 6.3 bcm of gas were produced by means of SOCAR’s own resources. As for Azerbaijan International Operating Company (AIOC) and Shah Deniz Consortium, the companies produced 33.5 million tons of oil and 23.1 bcm of gas.  

The largest Shah Deniz field has provided some 78.4 bcm of gas and 19.6 million tons of condensate since the start of operation in 2006.

The daily average production in eight active wells stands at 29.5 mcm of gas and 6,500 tons of condensate.

So far, the country exported 5.9 bcm of gas to Georgia and 43.8 bcm to Turkey by means of South Caucasus Pipeline. The volume of daily supply within the first stage of development of Shah Deniz field stands at 4 and 18.5 mcm of gas to Georgian and Turkey respectively.

The forecast for oil production in 2017 stands at 39.797 million, which is 3.7 percent lower than the index fixed in 2016.

Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels. Gas production in the country is expected to stand at 28.39 billion cubic meters (bcm) by the end of 2017, the volume is down by 2.9 percent than the figure of 2016.

The price of a barrel of Azeri Light oil stood at $56.29 on January 18.



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