Azerbaijan expects growth in oil production in 2011

Oil&Gas Materials 22 January 2011 13:49 (UTC +04:00)

Azerbaijan, Baku, Jan. 22 / Trend S.Aliyev /

Azerbaijan's oil production in 2011 is forecasted at 51.5 million tons compared to 50.83 million tons in 2010, a source in the country's oil and gas market said on Saturday.

The main oil production at the volume of 40.2 million tons is expected to be produced from the Azeri-Chirag-Guneshli (ACG) fields developed by a consortium of foreign companies with participation of the State Oil Company of the Azerbaijan Republic (SOCAR). BP is operator of the project.

The volume of SOCAR's oil production from fields developed without the participation of foreign companies is expected to hit 8.45 million tons in 2011.

Approximately 2.4 million tons will be accounted for condensate produced from the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea.

In 2011, about 2 million tons of oil will be pumped through the Baku-Novorossiysk pipeline, more than 4 million tons through the Baku-Supsa, and about 6 million tons of raw materials fwil be sent to two refineries of SOCAR. The bulk of oil exports, as in previous years, will be exported via the Baku-Tbilisi-Ceyhan pipeline.

ACG participating interests are: BP (operator - 37.43 percent), Chevron (11.27 percent), SOCAR (10 percent), INPEX (10.96 percent), Statoil (8.56 percent), ExxonMobil (8 percent), TPAO (6.75 percent), ITOCHU (4.30 percent), Hess (2.72 percent).