Oil production forecast for 2013 announced in Azerbaijan
Azerbaijan, Baku, Jan. 29 / Trend S. Aliyev /
Around 41.1 million tons are expected to be extracted in Azerbaijan in 2013 compared to over 42.9 million tons in 2012, an oil and gas market source told Trend today.
According to the source, more than 30.6 million tons of oil of the total production volume will fall to the block of the Azeri-Chirag-Guneshli oil and gas fields, 8.250 million tons will fall to those fields developed by SOCAR independently and 2.2 million tons to the condensate from the Shah Deniz field.
Earlier, the Azerbaijani government and development operator agreed on the need to stabilise oil production at these fields. Production has recently declined. It is planned to increase production at these fields by technical means in the years ahead.
The U.S. Company Hess agreed to sell its share in early September 2012 to India's ONGC (2.72 per cent) in the project to develop ACG oil fields, as well as a 2.36 per cent stake in the BTC pipeline. The transaction value is estimated at $1 billion. The transaction is expected to be completed in the first quarter of 2013.
The equity participation in the contract excluding Hess's share, has been distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.83 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.6 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent and Itocu - 4.3 per cent.