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Azerbaijan increases oil production

Oil&Gas Materials 21 May 2020 13:16 (UTC +04:00)
Azerbaijan increases oil production

BAKU, Azerbaijan, May 21

By Eldar Janashvili – Trend:

Azerbaijan produced 12.4 million tons of oil and gas condensate from January through April 2020, which is 11,000 tons more compared to the same period of 2019, Trend reports citing Azerbaijani Ministry of Energy.

In the reporting period, over 69 percent or 8.6 million tons of the extracted oil and gas condensate were produced at Azeri-Chirag-Deepwater Gunashli (ACG) field and 10.5 percent or 1.3 million tons of gas condensate – at Shah Deniz field. Over 20 percent or 2.5 million tons of all production accounted for the State Oil Company of Azerbaijan (SOCAR).

In the first four months of 2020, most of the oil, along with gas condensate (82.3 percent), was exported in the amount of 10.2 million tons, which is 106,000 tons less compared to the same period of 2019. Meanwhile, 96 percent or 9.8 million tons of the exported oil fell to ACG consortium, and 4 percent or 409,000 tons of exported oil accounted for SOCAR.

In total, 535 million tons of oil and gas condensate were produced at the ACG and Shah Deniz fields from their commissioning to May 1.

From January through April 2020, more than 2 billion tons of oil were refined, which is 32,600 tons more compared to the same period of 2019.

The Azeri-Chirag-Gunashli Production Sharing Agreement, which later became known as the “Contract of the Century”, was signed between the government of Azerbaijan and a group of international oil companies representing eight countries on September 20, 1994. The Contract was extended in September 2017 until 2050.

ACG participating interests are: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh Limited (OVL) (2.31 percent).

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Follow the author on Twitter: @eldarjanashvili

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