Azerbaijan's oil production in 2016 is expected at an average of 870,000 barrels per day, according to the OPEC report on the oil market.
OPEC forecasts remained unchanged compared with the previous report and showing a slight increase by 10,000 barrels per day compared to 2015.
Oil production in Azerbaijan in August decreased by 30 thousand barrels per day to 860 thousand barrels, the report said.
Turan IA notes that according to the State Statistics Committee of Azerbaijan, in August 2016 Azerbaijan daily produced 111.56 million tons of oil and condensate, or about 826 thousand barrels of crude. That is, OPEC increased its figures for oil production in Azerbaijan by 4% or by 34,000 barrels per day.
According to OPEC, in the I half of 2016, oil production in Azerbaijan amounted to 870,000 barrels per day, which is similar to the I half of 2015, but 20,000 barrels more than in the second half of last year.
However, according to the State Statistics Committee of Azerbaijan, in the first half of this year the country produced 21 million 64.5 thousand tons of oil, equivalent to the production of 856.5 barrels of crude per day.
Turan IA stressed that “if we believe annual forecasts - 870 thousand barrels per day,” in the current year in Azerbaijan the production volumes should be at the level of 318.42 million barrels, or 43.03 million tons.
However, in September the volume of production in the country began to decline, as the production on the Deepwater Gunashli platform was completely suspended for 11 days, and the daily production there amounted to 136,000 barrels. In early November the platform Eastern Azeri will be suspended for repairs, and it daily produces 70,000 barrels of oil.
According to Turan’s data from oil-related circles, while in H1 of 2016 the contract area Azeri-Chirag-Gunashli produced 655,000 barrels of oil daily, then by December this figure will amount to 630-635 thousand barrels.
The oil production in Azerbaijan is expected to reach 900 thousand barrels per day in the I quarter of 2017 and 800,000 barrels per day in the II, III and IV quarters of 2017.
Turan IA recalls that 75% of oil produced in Azerbaijan comes from the block of offshore fields Azeri-Chirag-Guneshli. -12A--
Economics
-
Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
-
Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
-
Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
-
The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
Leave a review