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Caspian Energy Journal Caspian European Club
Tuesday, 03 October 2017 18:00

Azerbaijan rumps up production in September

In September, daily production in the country amounted to 785.7 thousand barrels, of which 733 thousand barrels accounted for crude oil, 52.7 thousand barrels for condensate. 627 thousand barrels of crude oil, 52.7 thousand barrels of condensate and 19.3 thousand barrels of oil products per day went for export. Azerbaijan has fully fulfilled its obligations to cut production by 35,000 barrels per day, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of the Ministry of Energy of Azerbaijan.

It bears reminding that in August daily oil production in Azerbaijan stood at 734.8 thousand barrels, of which 704 thousand barrels accounted for crude oil, and 30.8 thousand barrels for condensate. Every day 617.6 thousand barrels of crude oil, 30.8 thousand barrels of condensate and 6.6 thousand barrels of oil products went for export.

It should be noted that taking into account the cutback deal with OPEC, in January 2017 the average daily oil production in Azerbaijan amounted to 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 of oil in May. It should be reminded that according to the data of SOCAR, in Jan-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.

During the same period of time, oil production in Azerbaijan amounted to 15,934.2 thousand tonnes (on average 743.5 thousand barrels a day). The government has 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 output cutback at 35-42 thousand barrels per day according to the cutback deal.

It bears reminding that at the end of 2016 in Vienna OPEC and some non-OPEC countries agreed to reduce their oil production by a total of 1.8 million barrels per day from the October level of the same year. The cutback deal was concluded for the first half of 2017 with the possibility of extension. In May, the deal was extended for nine months, until the end of March 2018.

In 2016, Azerbaijan produced a total of more than 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 gas output peaked in 1982 to comprise 14.1 billion cubic meters. By that time, large oil fields in shallow water had been put into development.

More details: http://www.minenergy.gov.az/index.php?e=1&id=461

Person in charge of the newsline: Fidan Isayeva

 

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