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Energy minister unveils Azerbaijan's plans for oil and gas production (Exclusive)

Oil&Gas Materials 4 May 2018 18:03 (UTC +04:00)

Baku, Azerbaijan, May 4

By Maxim Tsurkov - Trend:

Azerbaijan plans to produce about 38 million tons of oil in 2018, Energy Minister of Azerbaijan Parviz Shahbazov said in an interview with Trend.

He noted that 28 million tons of oil are planned to be extracted from Azeri-Chirag-Gunashli (ACG) block of fields, and 7.6 million tons of oil will account for the share of fields developed by Azerbaijan state company of SOCAR.

"In addition, it is expected that 2.4 million tons of condensate will be extracted from the Shah Deniz gas condensate field. It is planned that about 32 million tons of oil will be exported from Azerbaijan in 2018," Shahbazov said.

As for gas, it is projected that in 2018 the country will produce about 30 billion cubic meters.

"It is expected that 6.4 billion cubic meters will account for the share of SOCAR fields, 12.5 billion cubic meters of associated gas will be extracted from ACG and 11.1 billion cubic meters - from Shah Deniz. Gas exports are projected at just over 9.7 billion cubic meters," Shahbazov said.

Last year, 38.7 million tons of oil were produced in the country, of which 28.9 million tons fell on ACG, 2.4 million tons – on Shah Deniz (condensate), and 7.4 million tons – SOCAR.

Natural gas production in 2017 in Azerbaijan amounted to 28.6 billion cubic meters, of which 6.1 billion cubic meters fell to share of SOCAR, 12.3 billion cubic meters – to share of the ACG block and 10.2 billion cubic meters – to share of the Shah Deniz field.

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