BAKU, Azerbaijan, Dec.3
By Leman Zeynalova – Trend:
Proven gas reserves of Azerbaijan’s state oil company SOCAR rose from 87.455 billion cubic meters in 2018 to 99.486 billion cubic meters in 2019, Trend reports with reference to the company’s updated Sustainable Development Report.
The report shows that the company’s proven gas reserves, which have been processed and put into production amounted to 51.275 billion cubic meters, proven and processed reserves, which haven’t been put into production were equal to 4.052 billion cubic meters, proven and processed reserves – 55.327 billion cubic meters, proven reserves, which haven’t been processed – 44.159 billion cubic meters.
The company’s condensate reserves rose from 8 million tons in 2018 to 10.054 million tons in 2019.
Azerbaijan’s gas reserves in A, B, and C1 categories (layers under development) stand at 971 billion cubic meters as of January 1, 2019.
Around 18.6 percent of this volume accounts for Azneft Production Union of Azerbaijan’s state oil company SOCAR.
This is while the country’s gas reserves in A, B, C1 and C2 (layers under development and productive layers of the fields under development) equal to 1.656 trillion cubic meters, of which 23.5 percent accounts for Azneft Production Union.
OPEC’s 2020 Annual Statistical Bulletin says that Azerbaijan’s proven natural gas reserves stood at 1.718 trillion standard cubic meters in 2019, as compared to 1.435 trillion standard cubic meters estimated in 2018. Thereby, the cartel has revised up the country’s proven gas reserves by 19.7 percent year-on-year.
Azerbaijan’s marketed production of natural gas was estimated by OPEC at 20.811 billion standard cubic meters in 2019, versus 17.800 billion standard cubic meters in 2018, or 16.9 percent increase year-on-year.
Natural gas exports by Azerbaijan equaled to 11.486 billion standard cubic meters in 2019, as compared to 9.190 billion standard cubic meters in 2018, which shows a 25 percent increase.
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