BAKU, Azerbaijan, April 11
By Fidan Babayeva - Trend:
While many petrochemical plants were experiencing raw material shortages due to the coronavirus-caused disruptions in the global supply chain, Petkim continued to receive naphtha it needed from the STAR Refinery without any problems, Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov told Trend this week.
Royal Dutch Shell announced this week that pits annual oil production peaked in 2019, and the company expects its total oil production to decline by 1-2 percent a year until 2030.
"According to the International Energy Agency, the greenhouse gas emissions as a result of natural gas burning to generate electricity are 45-55 percent less than as a result of coal burning," the report of the company said. "We expect that the share of gas production in our portfolio will gradually increase to at least 55 percent by 2030."
SOCAR AQS has announced this week that it has successfully completed the engineering and drilling operations of the first multilateral well for Azneft PU of SOCAR.
To unleash the full potential of the field during the drilling operations on the West Absheron field, SOCAR AQS launched a number of new initiatives, and conducted geological-geophysical studies across the wellbore at various intervals.
As part of the studies, the formation pressure was measured, core samples were taken at various intervals, reservoir properties of rocks, saturation of formation with oil and gas were identified, and lithological log of rocks and other parameters were verified.
The US Energy Information Administration (EIA) has announced this week that it expects petroleum and other liquids production in Azerbaijan to stand at 0.75 million barrels per day in 2021 compared to 0.77 million barrels per day in the previous forecasts.
The estimated quarterly production in 2021 is as follows: 0.75 million barrels per day in Q1, 0.73 million barrels per day in Q2, 0.73 million barrels per day in Q3 and 0.77 million barrels per day in Q4.
Azerbaijan is expected to produce 0.80 million barrels per day in 2022 with quarterly production standing at 0.79 million barrels per day in Q1, 0.80 million barrels per day in Q2, 0.78 million barrels per day in Q3 and 0.81 million barrels per day in Q4.
Azerbaijan’s crude oil production is expected to stand at 620,000 barrels per day in 2021, the US JP Morgan Bank forecasted this week.
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