In 2014 BP-Azerbaijan company extracted gas from two projects – Azeri-Chirag-Guneshli (ACG) and gas condensate field Shah Deniz. The company extracted associated gas from the first project and natural gas from the second project.
According to BP-Azerbaijan report, in 2014 2.76 billion cub.m. of natural gas was supplied to Azerbaijan free of charge. The volume of associated gas handed over to Azerbaijan increased by 570 million cub.m. against 2013.
The company has also extracted 9.9 billion cub.m. of gas from the Shah Deniz field. In 2013 BP extracted 9.8 billion cub.m. of gas from the Shah Deniz.
Last year BP-Azerbaijan has extracted a total of 12.66 billion cub.m. of tank gas in Azerbaijan. This constituted 67.7% of the entire tank gas production in the country.--0--
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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