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Azerbaijan’s oil output down

Oil&Gas Materials 17 July 2017 18:33 (UTC +04:00)

Baku, Azerbaijan, July 17

By Maksim Tsurkov – Trend:

In January-June 2017, 19.16 million tons of oil and gas condensate were produced in Azerbaijan, which is by 9 percent less than in the same period of 2016, according to a report of the country’s State Statistics Committee.

In 2016, 41.03 million tons of oil and gas condensate were produced in Azerbaijan, which is by 1.5 percent less than in 2015.

The main volume of oil production in Azerbaijan accounts for the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields.

The production of commercial gas in Azerbaijan stood at 9.34 billion cubic meters in January-June 2017, which is by 0.2 percent less than in the same period of 2016, according to the State Statistics Committee.

The commercial gas production stood at 18.71 billion cubic meters in Azerbaijan in 2016, as compared to 19.72 billion cubic meters in 2015.

A contract for developing the ACG field was signed in 1994.

The proven oil reserve of the block nears 1 billion tons.

Shareholders of the project are BP (operator, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).

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Follow the author on Twitter: @MaksimTsurkov

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