The issue of calculating (reserves) of 27 fields in the Azerbaijani sector of the Caspian Sea according to the SPE-PRMS classification was discussed on August 28 at a meeting of SOCAR President Ravshan Najaf with Chairman and Chief Executive Officer of DeGolyer and MacNaughton John Wallace (John W. Wallace).socar.az
Baku/29.08.23/Turan: The State Oil Company of Azerbaijan Republic (SOCAR) has commenced the evaluation of reserves across 27 oil fields in the Azerbaijani sector of the Caspian Sea using the SPE-PRMS classification, as announced in a press release by the state-owned company.
"In collaboration with DeGolyer and MacNaughton, the calculation of reserves across 27 oil fields in the Azerbaijani sector of the Caspian Sea based on the SPE-PRMS classification has been initiated," the company's statement highlighted.
The matter was discussed on August 28 during a meeting between SOCAR President Rovshan Najaf and John W. Wallace, the Chairman and CEO of DeGolyer and MacNaughton. The parties recognized the fruitful collaboration that has been ongoing since 2017 in assessing the hydrocarbon resources of strategic oil fields according to international standards, as well as in reservoir modeling.
Strategic objectives and tasks of SOCAR, steps taken to enhance production optimization, and other topics of mutual interest were discussed during the meeting. The emphasis was on the company's long-term corporate strategy, highlighting the fundamental directions of efficiency enhancement and optimization as key objectives.
SPE-PRMS (Petroleum Resources Management System) is the world's most widely used system for assessing hydrocarbon reserves. The system takes into account not only the potential discovery of oil and gas in a field but also the economic viability of their extraction.
According to SOCAR's information, as of January 1, 2023, the extractable and projected reserves of oil with condensate and gas in Azerbaijan were estimated at 8.43 billion metric tons in oil equivalent.
Among these, oil with condensate reserves were 2.54 billion metric tons, while gas reserves stood at 6.25 trillion cubic meters.
Up until January 1, 2023, Azerbaijan had extracted a total of 2.2 billion metric tons of oil and 992 billion cubic meters of gas throughout the XX and XXI centuries.
According to SOCAR's data, Azerbaijan has a total of 81 oil fields, with 58 under development and 23 either undeveloped or discontinued. Among those in the development phase, 39 are situated on land, while 19 are located offshore.--0--
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review