No sharp reduction of production on ACG – government reacted to reduction of oil prices

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Azerbaijan State Statistical Committee has released the preliminary data of the fuel-energy sector of the country.

According to this data, during 9 months, 2014 Azerbaijan has extracted 32.1million tons of oil and condensate against 32.5 million tons during the same period last year. Therefore, during 9 months, 2014 oil production in the republic decreased by 1.2%

During this period tank gas production in Azerbaijan totaled 13.8 billion cub.m., up 5.3% against January-September 2013.

            During 2013 Azerbaijan extracted 43.5 million tons of oil and 17.9 billion cub.m. of tank gas.

            According to SOCAR’s forecasts, in 2014 oil production in Azerbaijan is forecast to be 41.2 million tons, while tank gas – 18.18 billion cub.m.

            According to Turan, this year the forecast of oil and gas production will be overfulfilled. It is planned to extract at least1million tons above the forecast.

            This year Azeri-Chirag-Guneshli (ACG) consortium planned to suspend operation of two production platforms (each for three weeks) for upgrade. However, after the second half of this year sharp reduction of prices at the world markets and reduction of the volume of export in the country have changed the consortium’s plans. The Azerbaijani government has requested BP and its partners to upgrade one platform next year and the consortium has agreed.

            Since early year State Oil Company of Azerbaijan (SOCAR) has successfully drilled the operation wells, which already produce between 5 and 30 tons of oil a day. SOCAR will continue the measures aimed at stabilization of production next year as well.

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