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Category: Azerbaijan

Azerbaijan to bring together many foreign companies within Baku Energy Week in June 2022

A total of over 300 companies from more than 30 countries will take part in several events in the energy sector in Baku, Executive Director…

SOCAR plans to increase gas production from Umid field by 2.7 times

The Umid Babek Operation Company (UBOC) is completing work on the reconstruction of the Umid-1 platform at the Umid gas condensate field in the Azerbaijani…

Weekly review of Azerbaijan’s oil market

The average price for Azeri Light CIF oil, produced at the Azeri-Chirag-Gunashli (ACG) field, equaled $120.32 per barrel, having increased by $7.47 (6.62 percent) compared…

Transit oil pumping through the BTC pipeline increased by 22%

The volume of oil pumped through the Baku-Tbilisi-Ceyhan (BTC) pipeline in January-April 2022 amounted to 9 million 173.3 thousand tons, by 1.2% higher than the…

Commercial oil production in Azerbaijan decreased by almost 4%

Oil production with gas condensate in Azerbaijan in January-April 2022 amounted to 11 million 121.2 thousand tons, which is 3.8% lower than the same period…

Azerbaijani oil price settles above $123

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $3.79 or 3.17% to $123.18 per barrel, Report informs….

Baku and Brussels discussed increasing supplies of Azerbaijani gas to Europe

High-ranking officials of the European Commission (EC) and representatives of the Azerbaijani government discussed the possibility of increasing the supply of Azerbaijani gas to Europe,…

Azerbaijan has increased gas exports by 17% since the beginning of the year – minister

Azerbaijan exported 7.6 billion cubic meters of gas in January-April 2022, which is 17.4% higher than the same period last year. Energy Minister Parviz Shahbazov…

“Azerigaz” reported on the reduction of technical losses by 8.3%

In January-April of this year, the volume of gas losses in the distribution network of the Azerigaz Production Association of the State Oil Company of…

SOFAZ’s revenues from the sale of profitable oil from ACG doubled

Revenues to the State Oil Fund of Azerbaijan (SOFAR) from the sale of profitable oil and gas from the Azeri-Chirag-Guneshli (ACG) block in January-April 2022…

Azerbaijani oil price nears $117

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $3.39 or 2.98% to $116.94 per barrel, Report informs….

Production from the Caspian Shah Deniz field is growing rapidly

In the first quarter of 2022, 6 billion cubic meters of gas were produced from the Shah Deniz field, which is 17.6% higher than in…

BP, Azerbaijan in talks on new renewable energy projects

BP is in negotiations with the Government of Azerbaijan on new projects in renewable energy sector to be implemented in the territories liberated from Armenian…

I.Aliyev: Azerbaijan has never planned to compete with Russia in the European gas market

Azerbaijan does not intend to compete with Russia in the European gas market, Azerbaijani President Ilham Aliyev said. “We never even thought of competing with…

Ilham Aliyev: SOCAR should become a transparent energy company

The new leadership of SOCAR was instructed to transform it into a transparent international energy company. President of Azerbaijan Ilham Aliyev stated this today. “As…

Azerbaijani oil price settles above $110

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $2.83 or 2.64% to $110.17 per barrel, Report informs….

Azerbaijani oil price keeps rising

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $0.62 or 0.58% to $107.34 per barrel, Report informs….

Azerbaijan increased gas exports to Europe by 236% in Q1

Azerbaijan exported 2.6 bcm of gas to Europe in the first quarter of 2022, Minister of Energy of the Republic Parviz Shahbazov said. According to…

Azerbaijani oil price rises 5%

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $4.62 or 4.53% to $106.72 per barrel, Report informs….

Korean companies keen on participating in projects in Azerbaijan

Korean companies are keen on participating in the projects in Azerbaijan, Ambassador Lee Eun Yong said at a meeting with the Azerbaijani Minister of Energy…

SOCAR to decrease oil production this year

SOCAR forecasts to produce 7 811 070 tonnes of oil in 2022 in its fields, said SOCAR as a response to APA‘s query.

Azerbaijani gas supplies via TANAP amounted to 4 bcm in the first quarter

The volume of transportation of Azerbaijani gas through the Trans-Anatolian gas pipeline (TANAP) to Turkey and Europe in the first quarter of 2022 amounted to…

Azerbaijan increased gas exports to Georgia by more than 50% in Q1

Gas exports from Azerbaijan in the first quarter of 2022 amounted to 5 billion 883.866 mcm, by 14.7% more than in January-March 2021, the quarterly…

Energy companies are using more gas to generate electricity

According to the results of January-February of this year, the Azerbaijani energy sector consumed more natural gas in order to produce electricity due to several…

Oil and gas exhibition Caspian Oil&Gas will be held in Baku from 1 to 3 June

The annual, 27th international exhibition Caspian Oil&Gas 2022 will be held in Baku on June 1-3 this year. “This year, 250 companies from Azerbaijan, Belarus,…

World Bank: “Azerbaijan and Georgia can transform the Middle Corridor”

The Trans-Caucasus Transport Corridor (CTC) can reach a high-efficiency level if Georgia and Azerbaijan coordinate and follow specific actions. The World Bank has come up…

Azerbaijan continues to reduce oil production and increase gas volumes

According to the results of January-March 2022, oil production with gas condensate in Azerbaijan amounted to 8 million 347.8 thousand tons, which is 5.3% lower…

Complete modernization of Baku refinery postponed to 2027

Work on the complete modernization of the Baku Oil Refinery (BOR) named after H. Aliyev is planned to be completed in 2026-2027, announced  Deputy General…

Weekly review of Azerbaijan’s oil market

Azerbaijani oil prices have risen this week, Trend reports The average price for Azeri Light CIF oil, produced at the Azeri-Chirag-Gunashli (ACG) field, equaled $108.61 per…

Azerbaijan plans to start EURO-5 gasoline production in 2023

Azerbaijan plans to start production of diesel fuel according to EURO-5 standard in the first half of 2022, and EURO-5 gasoline – from 2023, Deputy…

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