Weekly review of main events in Azerbaijan's oil and gas sector

Oil&Gas Materials 1 February 2021 09:10 (UTC +04:00)
Weekly review of main events in Azerbaijan's oil and gas sector

BAKU, Azerbaijan, Feb. 1

By Fidan Babayeva - Trend:

Twenty tankers with oil from the Azeri-Chirag-Gunashli (ACG) block of fields (around 15.1 million barrels of oil) were shipped from the Ceyhan oil terminal since the beginning of 2021, Trend reports during the outgoing week referring to the Turkish BOTAS International Limited (BIL).

The State Oil Fund of Azerbaijan (SOFAZ) gained over $3.5 billion in 2020, as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.

Revenues from the sale of gas and condensate produced at Azerbaijan's Shah Deniz field in 2020 amounted to $293.9 million.

"Petkim carried out export operations in the amount of $363 million in 2020," the State Oil Company of Azerbaijan SOCAR said.

Moreover, the volume of Azerbaijani gas export to Turkey was announced during the outgoing week. The volume grew by 23.4 percent in November 2020 compared to November 2019. The leader in terms of natural gas export to Turkey in November 2020 was Russia - 2.4 billion cubic meters, followed by Azerbaijan - 1.6 billion cubic meters and Iran - 790 million cubic meters.

The final results of the market test to double the Trans Adriatic Pipeline’s (TAP) capacity will be announced in October, TAP managing director Luca Schieppati said addressing the European Gas Virtual (EGV) digital conference, an event organized by the Oil & Gas Council.

During the outgoing week SOCAR Trading — a commercial arm of the State Oil Company of Azerbaijan Republic — has offered supply of petrol and LNG cargoes to Pakistan LNG Ltd (PLL) and Pakistan State Oil (PSO) round the year on credit under a government-to-government (G2G) arrangement to build upon strategically friendly relationship between the two countries.

Bulgaria announced the expected volume of gas import from Azerbaijan during the outgoing week.

Bulgaria is set to receive close to 225 million cubic metres (mcm) of Azerbaijani natural gas by the end September, state supplier Bulgargaz said.

The gas will flow via the existing 3.68 billion cubic metre (bcm) capacity link at the Kula-Sidirokastro Greek border point.

"The transportation of Azerbaijani gas on this route is temporary, for a period of nine months until the end of gas year 2020.

Bulgaria is set to receive 1 billion cubic meters of gas per year from Azerbaijan.


Follow the author on Twitter: @Fidan_Babaeva