TODAY.AZ / Business

Volume of oil, gas, electricity exports for Jan-Aug 2019 revealed

17 September 2019 [13:29] - TODAY.AZ

By Azernews

By Leman Mammadova

The State Customs Committee of Azerbaijan has disclosed statistics on oil, gas and electricity exports.

Azerbaijan exported 21.5 million tons of crude oil and crude oil products worth $10.458 billion in January to August 2019. By comparison, 19.9 million tons of crude oil worth $10.493 billion was exported in the same period in 2018. Thus, in 2018, oil exports increased by 7.6 percent in quantitative terms, while decreasing by 0.4 percent in value terms.

The first eight months of 2019 also saw increase in gas exports as natural gas exports from the country reached 7.4 billion cubic meters with the cost of $1.421 billion.

In the same period of 2018, Azerbaijan exported 4.6 billion cubic meters of natural gas worth $877.7 million. Thus, in the reporting period of 2019, gas exports increased both in quantitative (by 60.1 percent) and in monetary terms (by 61.9 percent).

As to electricity exports, this figure amounted to 1.346 billion kWh and was worth $58.4 million in January to August 2019 compared to 1.264 billion kWh worth $59.6 million recorded in the same period in 2018.

Azerbaijan exports electricity to Georgia, Turkey, Russia and Iran. Azerenergy is the main exporter of electric energy in the country. Azerbaijan, which has been exporting electricity to neighboring countries for a long time, has already begun exporting energy to European countries, including Greece, Romania, Bulgaria and Hungary.

The total oil exports from Azerbaijan amounted to 29.5 million tons worth $15.7 billion, gas exports – 7.9 billion cubic meters worth $1.5 billion, and electricity exports - 1.4 billion for $65.6 million in 2018.

Azerbaijan mainly carries out oil exports through Baku-Tbilisi-Ceyhan (BTC) oil pipeline, and gas exports via the South Caucasus Pipeline (SCP), namely the Baku-Tbilisi-Erzurum.

Currently, an average of 110,000 tons of oil and 94 million cubic meters of gas are extracted per day in Azerbaijan from offshore and onshore fields, including the Shah Deniz, Azeri-Chirag-Gunashli (ACG) and Umid fields, which are jointly operated with foreign companies.

ACG is the largest oil and gas field in the Caspian Sea, covering more than 432 square kilometers. A contract for the development of ACG block of oil and gas fields was signed in 1994 for 30 years. Proven oil reserves of ACG block of oil and gas fields are estimated at 1.2 billion tons, while gas reserves make 350 billion cubic meters.

On September 14, 2017, a modified and redeveloped agreement was signed on joint development and shared distribution of production from the Azeri, Chirag fields and the deepwater part of the Gunashli field (ACG). The new agreement provides for the development of the field until 2050.

URL: http://www.today.az/news/business/186357.html

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