British oil major BP (BP.L) will suspend operations at one of its platforms in the Caspian Sea for planned maintenance, a spokeswoman for BP Azerbaijan said on Tuesday.
Operations would be suspended for three weeks at the end of May at BP's West Azeri platform, she said.
A source at the Azeri state energy company SOCAR also told Reuters about planned maintenance at another platform in the Caspian Sea at the end of this month.
Crude oil and condensate production in Azerbaijan rose to 10.6 million tonnes in the first quarter of 2015 from 10.4 million tonnes in the same period last year.
Rising oil output at the main Azeri, Chirag and Guneshli (ACG) oilfields operated by BP had been the reason for the overall increase.
Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million tonnes in 2013. Natural gas output was 29.2 billion cubic metres (bcm) in 2014.
Falling output at the ACG oilfields has been a cause of concern in Baku.
BP and its partner, SOCAR, tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 for the first time since 2011, but the decline resumed last year.
Azerbaijan plans to produce 40.3 million tonnes of oil and 29 bcm of gas in 2015, Reuters reported.—0--
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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