OPEC increases assessment of confirmed gas reserves in Azerbaijan

By Azernews

By Ayya Lmahamad

The Organization of Petroleum Exporting Countries (OPEC) has increased the assessment of confirmed gas reserves in Azerbaijan to 1.718 billion cubic meters in 2019, OPEC’ annual statistical bulletin reported.

According to the report, confirmed gas reserves in 2019 in Azerbaijan amounted to 1.718 billion cubic meters, which is by 19.7 percent more than in 2018.

It should be noted that, OPEC estimated Azerbaijan’s confirmed gas reserves by the end of 2018 at 1.435 billion cubic meters.

Moreover, according to the report, proven crude oil reserves in Azerbaijan are estimated at 7.000 million barrels in 2019, production 678,500 b/d, as well as exports of crude oil and petroleum products amounted to 559,300 b/d.

Additionally, Azerbaijan’s production of natural gas amounted to 20,811 million, and natural gas exports amounted to 11,486 million.

According to the report, last year the volume of confirmed gas reserves in the world grew by 1.6 percent and reached 206.205 billion cubic meters.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

According to the “Declaration on Cooperation”, Azerbaijan produced 718,000 barrels of crude oil per day in October 2018, while in May-July this year the country must maintain the average daily production of crude oil at 554,000 barrels. In June Azerbaijan fully fulfilled its obligations under OPEC+ deal.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota until the end of July.