BAKU, Azerbaijan, July 25. Azerbaijan’s proven oil reserves are estimated at 7 billion barrels as of 2022, remaining unchanged from 2021, Trend reports.
OPEC data shows that the total world oil reserves stood at 1.564 trillion barrels in 2022, compared to 1.547 trillion barrels in 2021, showing a 1.1 percent increase.
The cartel’s oil reserves amounted to 1.243 trillion barrels last year, slightly higher than 1.242 trillion barrels in 2021.
Azerbaijan exported 12.8 million tons of crude oil and petroleum products worth $7.8 billion from January through June 2023.
According to the State Customs Committee of Azerbaijan, the top 3 importers of Azerbaijani oil are headed by Italy (4.9 million tons worth $3 billion), followed by Spain (1 million tons worth $644.6 million) and Israel (1 million tons worth $631.3 million) from January through June 2023.
More than 65 percent of oil production in Azerbaijan account for the Azeri-Chirag-Gunashli block of fields.
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement. ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
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