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Weekly review of key events in oil, gas sector of Azerbaijan

Oil&Gas Materials 12 June 2021 15:50 (UTC +04:00)
Weekly review of key events in oil, gas sector of Azerbaijan

BAKU, Azerbaijan, June 12

By Fidan Babayeva - Trend:

This week, the International Energy Agency (IEA) said that oil production in Azerbaijan will grow from 720,000 barrels per day in 2021 to 0.74 million barrels per day in 2022, Trend reports.

Oil production in Azerbaijan is projected at 700,000 barrels per day in the second quarter of 2021, and 730,000 million barrels per day in the third and fourth quarters.

In 2021, oil production in the country is expected to reach 720,000 barrels per day in 2021, up from 700,000 million barrels in 2020.

In May 2021, Azerbaijan’s oil production (excluding condensate) amounted to 590,000 barrels per day, which is the same as in April 2021.

Azerbaijan's compliance with the OPEC + agreement in May amounted to 116 percent.

“By the end of 2021, Azerbaijan is expected to increase the production of liquid hydrocarbons by 60,000 barrels per day on annual basis due to the further development of the Shah Deniz gas condensate field in the Caspian Sea,” the OPEC report said.

The volume of imports of liquefied petroleum gas (LPG) from Russia to Ukraine by the State Oil Company of Azerbaijan (SOCAR) amounted to 100 tons for six days in June 2021.

LPG imports from Russia have tripled and amounted to 10,700 tons, including 1,000 tons - the resource of Rosneft. In particular, 900 tons were delivered to Katma Group (part of the BRSM-Nafta group) and 100 tons - to SOCAR Energy Ukraine.

Since July 2018, 10.6 billion cubic meters of natural gas have been transported to Turkey via TANAP. Over the five months of this year, out of 4.1 billion cubic meters of gas supplied to Turkey, 2.2 billion cubic meters fell on TANAP.

It also became known this week that in 2020 Azerbaijan's net income from the sale of hydrocarbons (in addition to expenses for transportation, banking, customs clearance, independent control, marketing and insurance, as well as income from investments or participation in projects in which the State Oil Company Azerbaijan is an investor or partner) amounted to 6.58 billion manat, or $3.87 billion, which is 59.6 million manat ($35 million), or 0.9 percent less compared to the approved budget of the State Oil Fund (SOFAZ) last year.

Azerbaijan's net income from the sale of hydrocarbons in 2020 turned out to be 8.02 million manat ($4.71 million), or 54.9 percent less compared to 2019.

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Follow the author on Twitter: Fidan_Babaeva

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