Gas Production in Azerbaijan Increased by 5% in January-August
Gas production in Azerbaijan in January-August 2023 increased by 5% compared to the same period last year – to 32.2 billion cubic meters. According to operational data from the country’s Ministry of Energy, which is available to the Interfax-Azerbaijan agency, 8.6 billion cubic meters of associated gas were produced from …
Azerbaijan Lagged Behind the OPEC+ Quota by 184 Thousand b/d in August
Oil production in Azerbaijan in August 2023 amounted to 500 thousand bpd. This is stated in the Platts review conducted by S&P Global Commodity Insights, which is available to the Interfax-Azerbaijan agency. As of August, Azerbaijan’s oil production quota under the OPEC+ deal was 684 thousand bpd. Thus, according to …
Azerbaijan Expects 4-fold Increase in Annual Gas Production from Absheron – Minister of Energy
Azerbaijan expects a 4-fold increase in annual gas production from the Absheron gas condensate field in the Caspian Sea to 6 billion cubic meters, Energy Minister Parviz Shahbazov said. “We (Thursday in Baku – IF) took part in the ceremony of extraction of the first gas from the Absheron field. …
SOCAR and ADNOC Discuss Cooperation Within Development of Absheron Field
SOCAR President Rovshan Najaf met with Abu Dhabi National Oil Company (ADNOC) Executive Director Musabbeh Al Kaabi. “At the meeting, it was noted that the agreement signed in August this year between SOCAR, TotalEnergies and ADNOC on the sale of a 30% stake in the Absheron gas condensate field development …
SOCAR Starts Estimating Reserves of 27 Fields in the Caspian According to SPE-PRMS Classification
SOCAR (State Oil Company of Azerbaijan) has started estimating reserves of 27 fields in the Azerbaijani sector of the Caspian Sea according to the SPE-PRMS classification. “Within the framework of cooperation with DeGolyer and MacNaughton, the calculation (reserves -IF) of 27 fields in the Azerbaijani sector of the Caspian Sea …
Equinor is Exploring the Possibility of Selling Assets in Azerbaijan for $1 Billion
The Norwegian company Equinor ASA is studying the possibility of selling its activities in Azerbaijan, including a stake in the largest oil project Azeri-Chirag-Guneshli, Bloomberg reports citing informed sources. “Norwegian energy company is working with Jefferies Financial Group Inc. to assess buyer interest in assets, including a 7.27% stake in …
OPEC Expects Decrease in LH Production in Azerbaijan in 2024
Production of liquid hydrocarbons (LH) in non-OPEC countries in 2023 will increase by 1.5 million b/d compared to last year and will average 67.27 million b/d, while in the previous report an increase of 1.4 million b/d was forecast, to 67.14 million b/d, according to OPEC’s monthly report. “Downward revisions …
SOCAR Slightly Reduced Oil Production in the First Half of 2023, Increased Gas Production by 14.6%
SOCAR (State Oil Company of Azerbaijan) produced 3 million 851.465 thousand tons of oil in January-June 2023, the company’s press service told Interfax-Azerbaijan. According to SOCAR, in the first half of 2022, the company produced 3 million 864,839 thousand tons of oil. Thus, the decline in oil production in January-June …
SOCAR Increased Drilling Volumes by 1% in the First Half of 2023
The volume of drilling by the drilling departments of SOCAR (State Oil Company of Azerbaijan, SOCAR) in January-June 2023 amounted to 38.562 thousand meters, SOCAR told Interfax-Azerbaijan. “Compared to the indicator of the first half of 2022, SOCAR achieved an increase in drilling volumes. The company drilled 38,562 meters, which …
Emirati ADNOC Acquires 30% Stake in Absheron Gas Condensate Field Development Project – SOCAR
Emirati ADNOC acquires 30% stake in Absheron gas condensate field development project – SOCAR The Abu Dhabi National Oil Company (ADNOC) has become a shareholder in the project to develop the Absheron gas condensate field in the Caspian Sea, having bought 15% of the shares from SOCAR (State Oil Company …