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Monday, 19 June 2017 20:00

Rates of oil production reduction in Azerbaijan exceed the plan Featured

Rates of oil production reduction in Azerbaijan exceed the plan

SOCAR produced 2 bln 465.6 mln cub. m of gas during January-May of this year. Total gas production reached 508.1 mln cub. m in May, Caspian Energy News ( reports.

Total gas production in Azerbaijan has reached 11 bln 724.9 mln cub. m throughout this period. That is to say, considering current gas production volumes, a total of 28.5 bcm of gas will be produced in Azerbaijan in 2017. It is a little bit higher than the production rate set by the government – 28.4 bcm.

SOCAR produced 3 mln 096.1 thou tonnes of crude oil during January-May 2017 (144.4 thou barrels per day on average). A total of 636.9 thou tonnes were produced in May.

Oil production in Azerbaijan has totaled 15 mln 934.2 thou tonnes (on average, 743.5 thou barrels per day) throughout this period. Considering the current oil production volumes, total oil production in Azerbaijan will reach 38.7 mln tonnes (270.9 mln barrels)in 2017, which is 1.1mln tonnes (7.7 mln barrels) lower than the plan set by the government in 2017  -39.8 mln tonnes. It should be noted that production cut within 35-42 thou barrels per day was already included into the oil production forecast for 2017.

Thus, average daily production in ACG totaled about 599.1 thou barrels per day while average daily production in Azeri-Chirag-Guneshli fields (ACG) totaled 630,000 barrels per day in 2016: Chirag – 54,000 barrels, Central Azeri – 144,000 barrels, West Azeri – 114,000 barrels, East Azeri – 72,000 barrels, Deepwater Guneshli – 126,000 barrels, West Chirag – 120,000 barrels. In total, ACG produced 230 mln barrels of oil or 31.1 mln tonnes during the period under review.

Average daily production at ACG totaled 634,000 barrels in 2015: Chirag – 48,000, Central Azeri 154,000, West Azeri – 110,300, East Azeri - 71,000, Deepwater Guneshli – 141,400 and West Chirag -109,400. In total, ACG produced 231 mln barrels or 31.3 mln tonnes over the period under review.

In total, Azerbaijan produced over 41mln tonnes of oil and 29.4 bcm in 2016. In the meantime, SOCAR produced 7.5 mln tonnes of oil and 6.3 bcm at the expense of its own resources. These figures totaled 8.16 mln tonnes and 6.871 bcm in 2015 respectively. At the same time, 9.022 mln tonnes of oil and 5.964 bcm were produced in the republic in 1997. Maximum oil and gas production rate in the Caspian was reached in 1970 and in 1982 in the volume of 12.9mln tonnes and 14.1bcm respectively. The development of big oil fields located in the shallow water area was already launched by that period.

Person in charge of the newsline: Fidan Isayeva

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