In March 2016 oil production in Azerbaijan totaled 0.84 million barrels day, down by 10,000 and 20,000 barrels a day against January and February, respectively, according to the OPEC May report about the oil market.
In quarter 1, 2016 average oil production totaled 0.85 million barrels a day, reads the report.
According to the OPEC forecasts, in 2016 oil production in Azerbaijan will drop by 40,000 barrels a day to 0.82 million barrels day.
The forecast has remained unchanged as compared to the OPEC’s previous forecasts for this year.
Azerbaijan mainly extracts oil from the bloc of offshore fields Azeri-Chirag-Guneshli (ACG).
In 2015 31.3 million tons or 75% of entire Azerbaijan’s oil (41.69 million tons) was extracted on this site.
According to Turan, in quarter 1, 2016 production rate on ACG was stable – 650,000 barrels a day, but the reduction started in April.—0—
Economics
-
Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
-
Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
-
Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
-
Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
Leave a review