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Tuesday, 15 August 2017 14:30

SOCAR's oil and gas output continues slumping Featured

SOCAR's oil and gas output continues slumping

In January-July 2017, Azerbaijan produced 22,500.6 thousand tonnes of crude oil, including gas condensate, compared to 24,700.4 thousand tonnes of oil produced in January-July 2016, Caspian Energy News ( reports with reference to the State Statistical Committee of the Republic of Azerbaijan.

The volume of commercial crude oil production amounted comprised 22,471.9 thousand tonnes. The oil output for the period under review decreased by 8.9% y-o-y.

For 7 months the country produced 16,606.5 million cubic meters of natural gas. Of these, 10,870.9 million cubic meters accounted for commodity gas. 17,460.8 million cubic metres were produced in the same period of 2016. This is down 1.3% compared to 2016.

The government planned the output in 2017 at the level of 39.8 million tonnes. It should be noted that the forecast for oil production in 2017 already included the production cut in the range of 35-42 thousand barrels per day in accordance with the cutback deal.

It should be reminded that according to the data by SOCAR, in January-May 2017 SOCAR produced 3,096.1 thousand tonnes of crude oil (on average 144.4 thousand barrels). In May, it was 636.9 thousand tonnes. Over the same period oil production in Azerbaijan comprised 15,934.2 thousand tonnes (on average 743.5 thousand barrels a day).

The total production at ACG in the first quarter of 2017 averaged 581,000 barrels per day. In total, the average daily production at the Azeri-Chyrag-Gunashli (ACG) block in 2016 was 630,000 barrels per day.

In 2015, the average daily production at ACG was 634,000 barrels.

In 2016, Azerbaijan produced a total of more than 41 million tons of oil and 29.4 billion cubic meters of gas. At the same time, SOCAR at the expense of its own funds produced 7.5 million tonnes of oil and 6.3 billion cubic meters of gas. In 2015, these figures were 8.16 million tonnes of oil and 6.871 billion cubic meters of gas, respectively. At the same time, in 1997 Azerbaijan produced 9.022 million tonnes of oil and 5.964 billion cubic meters of gas. The peak oil production in the Caspian in the amount of 12.9 million tonnes was achieved in 1970, and gas output in the amount of 14.1 billion cubic meters in 1982. By that time, large oil fields in shallow water had been put into development.

Person in charge of the newsline: Fidan Isayeva 

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