This year oil and condensate production in Azerbaijan will be below the government’s forecast.
According to the Caspian Barrel Centre for Oil Studies, in 2016 the government forecast to extract 40.7 million tons of liquid hydrocarbons. During 2015 the country extracted 46.9 million tons of oil and condensate.
Analysts of Caspian Barrel believe that this year oil production on the offshore bloc of fields Azeri-Chirag-Guneshli (ACG) will go down by 1 million tons. In 2014 the production decline on this bloc totaled 700,000 tons, last year it dropped to about 500,000 tons.
This year SOCAR expects decline of oil production to at least 500,000 tons. The main reasons will be fire and its extinguishing on the platform No 10 on the Guneshli field.
As a whole oil production in the country will drop to 40.2 million tons.—0—
Economics
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