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Azerbaijan shares data on oil production for 7 months of 2022

Oil&Gas Materials 8 August 2022 15:56 (UTC +04:00)
Azerbaijan shares data on oil production for 7 months of 2022
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Aug.8. Azerbaijan has produced 19.2 million tons of oil, including condensate from January through July 2022, as compared to 20.1 million tons in the same period in 2021, showing a 4.47 percent decrease, Trend reports with reference to Azerbaijan’s energy ministry.

Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement. Azerbaijan’s daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 mb/d for the month of September 2022. This adjustment does not affect the baselines decided on the Meeting on 18 July 2021. The meeting participants reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.

Azeri-Chirag-Gunashli and Shah Deniz accounted for 12 million tons and 2.6 million tons (condensate) of oil production, respectively. Azerbaijan’s state oil company SOCAR has produced 4.6 million tons of oil, including condensate.

During the reporting period, Azerbaijan exported 15.6 million tons of oil, including condensate, with 14.7 million tons accounting for the consortium and 0.9 million tons accounting for SOCAR.

Azeri-Chirag-Gunashli and Shah Deniz have produced nearly 596.9 million tons of oil, including condensate since the start until Aug.1, 2022. ACG has produced 558.5 million tons of oil, while Shah Deniz has produced 38.6 million tons of condensate. Around 595 million tons have been exported by August 1.

Oil refining in the country stood at 3.4 million tons from January through July 2022.

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