Azerbaijan's oil production in 2016 is expected to reach 870 thousand barrels per day (43.5 million tons - Turan), an increase of 10 thousand barrels per day against 2015, according to the OPEC report on the oil market published the day before.
However, according to Azerbaijan’s State Statistics Committee, 41.69 million tons of oil and gas condensate and 834 thousand barrels per day was produced in 2015.
Compared to the August report, OPEC revised its forecast for oil production in Azerbaijan in the direction of increasing by 16,000 barrels per day. According to OPEC, this is 20 thousand barrels more than in the second half of last year.
In Azerbaijan in H1 of 2016 the output was 21 million 64.5 thousand tons of oil and condensate, or 856,000 barrels per day.
However, 75% of oil produced in Azerbaijan falls on the block of offshore fields Azeri-Chirag-Guneshli. Already in September, the production of one of the largest offshore platforms was suspended for repairs. In addition, this fall the production in another platform is expected to stop for three weeks. That is, the production volumes will go down for objective reasons.
Therefore, the OPEC forecasts on Azerbaijan for 2016 can be regarded as unreliable. -12A--
Economics
-
Azerbaijan's agricultural sector reported a modest growth of 0.8% year-on-year from January to September 2024, reaching a total production value of 10.4185 billion manats, according to the State Statistics Committee (SSC).
-
On October 29, Azerbaijan’s Cabinet of Ministers approved a decision to allocate 229 hectares of state-owned land in the Jabrayil district, part of the East Zangezur economic region, for the development of a solar power plant with an initial capacity of 50 megawatts, potentially reaching 100 megawatts. This project is part of Azerbaijan’s strategy to increase energy capacity as outlined in the 2021 Law on the Use of Renewable Energy Sources in Electricity Generation.
-
On October 29, Azerbaijan’s President Ilham Aliyev has signed a decree introducing several amendments aimed at refining the centralized electronic information system and state social insurance administration, the President's office announced on Tuesday. The decree, which builds upon legislative frameworks set in 2019 and further modified in 2021, seeks to enhance coordination among governmental bodies involved in social protection and compulsory state insurance.
-
Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
Leave a review