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Azerbaijani Energy Ministry discloses daily volume of oil produced in September

Oil&Gas Materials 7 October 2020 18:08 (UTC +04:00)
Azerbaijani Energy Ministry discloses daily volume of oil produced in September

BAKU, Azerbaijan, Oct. 7

By Fidan Babayeva – Trend:

The daily oil production (together with condensate) amounted to 653,500 barrels in Azerbaijan in September 2020, Trend reports referring to the Azerbaijani Ministry of Energy.

Some 585,000 barrels of this volume accounted for crude oil, 68,500 barrels - condensate.

Some 460,000 barrels of crude oil accounted for the share of the Azeri-Chirag-Gunashli (ACG) block of fields, 125,000 barrels – for the share of the State Oil Company of Azerbaijan SOCAR.

"The daily production of crude oil was reduced up to 461,000 barrels per day, while the share of SOCAR – up to 126,000 barrels to fulfill obligations in October 2018," the statement said.

Following the "Declaration of Cooperation", in October 2018, Azerbaijan, with daily crude oil production volume reaching 718,000 barrels, had to maintain crude oil production volume from August through December 2020 at the level of 587,000 barrels per day, reducing the production of crude oil by 131,000 barrels.

"To fulfill obligations, the daily production of crude oil in October 2018 was reduced by 567,000 barrels per day (a decrease by 196,000), the share of SOCAR - by 151,000 barrels (a decrease by 25,000)," the statement said.

The OPEC + agreement dated April 12 envisages daily oil production of 7.7 million barrels.

The first stage of the reduction of oil production was completed on July 31. In the second phase of the agreement, covering the period from August 1 through December 31, daily crude oil production in OPEC + countries will reach 7.7 million barrels, which is 18 percent less than in October 2018.

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