BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18.
This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
Currently, production and export operations from the Shah Deniz Alpha platform are being gradually ramped up, a process expected to take several more days.
"We continue to work closely with SOCAR and other partners, coordinating our plans and activities with them."
According to the gas export operator from Shah Deniz, Azerbaijan Gas Supply Company, the reduction in gas exports has decreased from 8.5 million cubic meters per day to 5 million cubic meters per day as of January 19-20. Full export volumes may be restored by the end of next week.
It is worth noting that under normal conditions, Shah Deniz produces 74-75 million cubic meters of gas per day from both production platforms, with more than half of this volume being exported to Europe.
Economics
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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