Azerbaijan supports the initiative of Russia and some other OPEC member-states to freeze oil production, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), said in his interview to the private ANS TV channel.
“We support the proposal to freeze oil production. I can say that in 2016 oil production in Azerbaijan will not be higher, than in 2015,” Abdullayev said.
He added that implementation of the projects aimed at increase in the oil production has been already suspended.
In January 2016 Azerbaijan extracted 3,519,700 tons of oil (decline by 3.9%), of which SOCAR – 647,000 tons (decline by 9.2%).
In 2015 Azerbaijan forecasts oil production at 40,744,900 tons. In 2015 oil production in Azerbaijan totaled 41,689,000 tons.
Caspian Barrel Centre for Oil Studies reported that in Azerbaijan BP-Azerbaijan company is the main producer of liquid hydrocarbons, which extracts 80.6% of oil and condensate. “Currently 95% of all incomes of the State Oil Fund of Azerbaijan (SOCAR) come from BP-Azerbaijan company’s export. On the other hand, this year oil extraction from the Azeri-Chirag-Guneshli fields is planned to decline by about 1 million tons. It is not real for Azerbaijan to freeze production at the last year’s level. But Azneft, SOCAR’s production company, has such a possibility, because it increases productivity at the expense of offshore production,” said Caspian Barrel experts. The Centre reported that SOCAR has real possibilities not to increase production volume of its main production company.
At the meeting in Doha on February 16, 2016 Russia, Saudi Arabia, Qatar and Venezuela, agreed to support world oil prices and to keep the production at the level of January 2016, only if other producers join this initiative. Among the countries that have expressed this readiness are Ecuador, Algeria, Nigeria, Oman, Kuwait and UAE. Iran and Iraq just speak about the support “of the steps to improve situation at the oil market” avoiding the promises to join freezing of the production,
Last Friday Russian Energy Minister Alexander Novak told journalists that Azerbaijan and Kazakhstan could take part at the meeting of the oil producing countries, which are non-OPEC members.—0—
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