In 2015 it is forecast to extract 30.3 million tons of oil from the Azeri-Chirag-Guneshli (ACG) bloc (operated by BP), Rakhman Gurbanov, State Oil Company of Azerbaijan (SOCAR) Vice President for Production and Transportation, said at the Caspian Oil & Gas 2015 conference.
He said in 2014 31.4 million tons of oil was extracted from the ACG bloc. According to the official report of BP-Azerbaijan company, in 2014 31.5 million tons of oil was extracted on ACG, down 700,000 tons against 2013.
* The peak of oil production on the ACG was registered in 2010 – that time 40.2 million tons of oil was extracted.—0—
Economics
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The SOCAR-UNIPER joint venture inaugurated a 65 MW steam generator unit at the "Ethylene-Polyethylene" plant on Friday as part of activities held during COP 29. The project, aimed at boosting energy efficiency, is a significant milestone for the joint efforts of SOCAR and UNIPER in Azerbaijan’s chemical industry.
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French energy giant TotalEnergies is considering participation in solar and wind power projects in the Nakhchivan Autonomous Republic of Azerbaijan, a move discussed during talks in Baku on November 15 between TotalEnergies CEO Patrick Pouyanné and Azerbaijani government officials.
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Azerbaijan's Ministry of Energy, China Energy Overseas Investment Co. Ltd., and SOCAR Green LLC have signed an agreement to implement a 160 MW solar power project in the Fizuli district, Economy Minister Mikayil Jabbarov announced on social media on Wednesday.
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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