Azerbaijan

Exports from Shah Deniz-2 Not to Bring Big Income
Azerbaijan Materials

Exports from Shah Deniz-2 Not to Bring Big Income

The economy of Azerbaijan is highly dependent on hydrocarbons. In an era of low oil and gas prices, the economy is unlikely to grow rapidly in the next few years. This is stated in the report of the international rating agency Moody’s Investors Service. The document notes that moreover, this will be true even if the new export gas pipeline […]

Zenith Energy appoints chief operating officer in Azerbaijan
Azerbaijan Materials

Zenith Energy appoints chief operating officer in Azerbaijan

Canada’s Zenith Energy company has appointed Michael Palmer as chief operating officer of the company’s operations in Azerbaijan, read the message posted on Zenith’s website. Azerbaijan’s Muradkhanli, Jafarli and Zardab oil fields are controlled and operated by Zenith Aran, Zenith Energy’s wholly owned subsidiary in the country. Palmer has 37 years of experience in the oil industry as head of […]

Azneft Announces Production Figures
Azerbaijan Materials

Azneft Announces Production Figures

The production association Azneft (production structure of SOCAR) in January-April of 2017 produced 2 million 39.9 thousand tons of oil and 1,693.136 mcm of gas. According to the production association, in January-April 2016 it produced 2 million 90.6 thousand tons of oil and 1,437.1 mcm of gas. Thus, in the reporting period of the current year, the PA Azneft reduced […]

SOCAR Starts New Production Well in Caspian Sea
Azerbaijan Materials

SOCAR Starts New Production Well in Caspian Sea

SOCAR has commissioned a new well at the Neft Dashlary (Oil Rocks) deposit, the company’s website said. Well No. 2668 was drilled from offshore platform No. 602A. Drilling will be carried out to the productive formation Lower Kirmaki Suite. The daily production rate of the well is 12 tons of oil and 1 thousand cubic meters of gas. Drilling of […]

Export of Azerbaijani Oil Products Decreased by 51%
Azerbaijan Materials

Export of Azerbaijani Oil Products Decreased by 51%

In January-April of 2017 Azerbaijan exported 306,583 tons of oil products. According to the State Customs Committee of Azerbaijan, this is 51.3% less than the same period last year. In January-April 2016, Azerbaijan sold 630,153 tons of oil products in foreign markets. This year the cost of these volumes of oil products amounted to 118.817 million dollars, which is 5% […]

China Invests in Petrochemical Industry of Azerbaijan
Azerbaijan Materials

China Invests in Petrochemical Industry of Azerbaijan

A Memorandum of Understanding has been signed between Azerbaijan and China on the SOCAR GPC project. The document was signed on May 14 by the President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev, the head of the China National Petroleum Corporation (CNPC) Wang Yulin and the Chairman of the China Development Bank (CDB) Hu Huabang. The signing […]

AIOC increased volume of associated gas to SOCAR by 59%
Azerbaijan Materials

AIOC increased volume of associated gas to SOCAR by 59%

The volume of associated gas to SOCAR increased by 58.9%, compared with the first quarter in 2016. In the quarter I of 2017, the BP-led Azerbaijan International Operating Company (AIOC) in Azeri-Chirag-Gunashli ACG delivered an average of 12.1 million cubic metres per day of ACG associated gas to SOCAR, primarily at the Sangachal Terminal but also to SOCAR’s Oil Rocks facility. The […]

SOCAR increased budget payments by 19%
Azerbaijan Materials

SOCAR increased budget payments by 19%

The State Oil Company of Azerbaijan Republic (SOCAR) transferred 133,659 million AZN to state budget in April, 2017. Report informs referring to SOCAR, it is 13,814 mln. AZN or 11,5% more compared with April 2016. In general, in January-April 2017, company has paid 530,302 mln AZN to the state budget that is 85,327 mln. AZN or 19,2% more in comparison […]

Gas Production in Shah Deniz Falls by 300 Mcm
Azerbaijan Materials

Gas Production in Shah Deniz Falls by 300 Mcm

BP-Azerbaijan Company in the first quarter of 2017 extracted 2.4 bcm of gas from the Shah Deniz field. This is reported in the quarterly report by the company, which was made public. As previously reported, in January-March 2016, gas production from the Shah Deniz field was 2.7 bcm. Thus, the volume of gas production from this field during the reporting […]

Production at ACG Fell by 70,000 Barrels per Day in Q1
Azerbaijan Materials Special News

Production at ACG Fell by 70,000 Barrels per Day in Q1

Oil production at the Azeri-Chirag-Gunashli (ACG) fields in the first quarter of 2017 exceeded 7.1 million tons, BP-Azerbaijan (operator of the development) reported. As reported, in the first quarter of 2016, 8 million tons of oil was produced from the ACG block. Thus, in January-March 2017, oil production from this contract area was reduced by 11.2%. According to BP, the […]

Drilling of new well launched at Oil Rocks
Azerbaijan Materials

Drilling of new well launched at Oil Rocks

Drilling of well No. 2666 at “Oil Rocks” on the stationary platform No. 602A continues successfully. Report informs citing the State Oil Company of Azerbaijan Republic (SOCAR). Project depth of the well to the “Gala Lay Destesi”, drilling of which implemented by the Trust of Complex Drilling Works commissioned under order of the “Oil Rocks” Oil and Gas Extraction Office […]

Azerbaijan’s Power Engineers Have Negative Long-term Forecast
Azerbaijan Materials

Azerbaijan’s Power Engineers Have Negative Long-term Forecast

Azerenergy OJSC (state monopolist for electricity production in Azerbaijan) expects the maintenance of stable electricity and gas tariffs in the short term, according to the international rating agency Fitch Ratings. According to the decision of the Tariff Council of Azerbaijan, from December 1, 2016, the cost of 1 cubic meter of gas for power engineers was increased by 20% – […]