Caspian Energy Journal Caspian European Club
Monday, 18 September 2017 13:00

Oil-gas production rapidly falls

Oil-gas production rapidly falls

Oil production in the Azerbaijan Republic totaled 25mln 572.7 thou tonnes of oil during January-August 2017. Oil production within the same period of 2016 totaled 28mln 159.9 thou tonnes of oil, Caspian Energy News ( reports with reference to the State Statistics Committee of Azerbaijan.

Gas production in Azerbaijan totaled 18bln 769.1mln cubic meters during January-August 2017. Production with the same period of 2016 reached 19bcm 764.4mln cubic meters.

It stands to mention that given the accords with OPEC in January 2017 the daily oil production in Azerbaijan averaged 793.9 thousand barrels, 776.4 thousand barrels in February, 733.3 thousand barrels in March,  781,1 thousand barrels in April, and 785.3 thousand barrels in May. 

It bears reminding that according to SOCAR’s data, for January-May 2017 SOCAR produced 3,096.1 thousand tonnes of crude oil (an average 144.4 thousand barrels). In May, it was 636.9 thousand tonnes.

During the same period oil production across Azerbaijan comprised 15,934.2 thousand tonnes (on average 743.5 thousand barrels per day). The government plans to produce 39.8 million tonnes in 2017. It should be noted that the oil production forecast for 2017 envisages the output cutback in the range of 35-42 thousand barrels per day in accordance with the output cut deal.

Recall that OPEC and a number of non-OPEC countries agreed in late 2016 in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the October level. The deal was concluded for the first half of 2017 with the possibility of extension. In May, its validity was extended by nine months until the end of March 2018.

In 2016, Azerbaijan produced in total over 41 million tonnes of oil and 29.4 billion cubic meters of gas. At the same time, SOCAR, through 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, the republic produced 9.022 million tonnes of oil and 5.964 billion cubic meters of gas. The oil production in the Caspian peaked in 1970 to reach 12.9 million tonnes, and the gas output reached the maximum level of 14.1 billion cubic meters in 1982. By this time, large oil fields in shallow water had been put into development.

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Person in charge of the newsline: Fidan Isayeva 

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