Azerbaijani government: in 2018 oil production in Azerbaijan is to be stabilized at the level of year 2015

According to the Azerbaijani government’s forecast, which is included into the budget for fiscal year 2015, this year it is planned to extract 41.65 million tons of oil.

According to the government’s forecast, next year the production will decrease by more than 1 million tons and total 40.62 million tons.

In 2016 oil production in Azerbaijan will total 40.77 million tons, in 2017 – 39.42 million tons and in 2018 – 40.32 million tons.

While commenting on the growth of production in 2018 by 900,000 tons, SOCAR told Turan that this will become possible after beginning of production on the Shah Deniz-2. In 2018 the extracted gas will be use to fill the South Caucasian gas pipeline and TANAP and then it will be delivered to the Turkey’s local market. Condensate production is also expected. By the end of 2020 condensate production on the Shah Deniz field must reach 120,000 barrels a day (6 million tons a year).

In 2013 Azerbaijan extracted 43.15 million tons of oil. According to SOCAR’s report, in 2013 its share in the oil production constituted 16% (including SOCAR’s share in the joint projects with foreign companies).

AIOC (operated by BP) is the biggest production company of the country, which has been developing a bloc of offshore oil fields Azeri-Chirag-Guneshli (ACG). According to SOCAR, proved oil resources total 923 million tons. During 2013 32.2 million tons of oil gas been extracted from ACG.

During 2013 SOCAR’s production company Azneft extracted 6,808,000 tons.

During 2013 2.48 million tons of condensate has been extracted from the Shah Deniz gas condensate field.

Another 1,662,000 tons fell to the joint ventures and the operation companies, which have been involved mainly in onshore production in Azerbaijan (except for Bahar and Gum Deniz offshore bloc).—0—