Brent Oil Price Falls Below $69 per Barrel for the First Time Since December 2021

Bulgarian mining and processing plant “Asarel Medet” plans to jointly undertake a gasification project in the Bulgarian city of Panagyurishte (located 91 km east of Sofia) with Azerbaijan’s State Oil Company (SOCAR), “Asarel Medet's” Executive Director Nikolay Peltekov informed journalists about the initiative. "We are developing a gasification project for the Panagyurishte municipality in partnership with SOCAR. We aim to begin this gasification project next year for Panagyurishte, which is the administrative center of the municipality," Peltekov said. He emphasized that the project will have an “exclusively positive impact” on the region, where residential heating is predominantly reliant on solid fuels.

In January-August 2024, oil and condensate production in Azerbaijan  totaled 19.3 million tons, a 4.9% decrease compared to the same period last year. According to the operational data from the Ministry of Energy for the first eight months of 2024, the Azeri-Chirag-Guneshli (ACG) block produced 11.1 million tons of oil (an 8.3% decrease), accounting for 57.5% of Azerbaijan’s total oil production.

Gas production in Azerbaijan for January-August 2024 reached 33 bcm, marking a 2.5% increase compared to the same period last year. According to the Ministry of Energy’s operational data, the “Shah Deniz” field produced 18.1 bcm of gas (a 2.8% increase), while the ACG block produced 8.7 bcm of associated gas (a 1.2% increase), and the “Absheron” field contributed 1.1 bcm of natural gas.

The daily production of oil and condensate in Azerbaijan for August was 76,045 tons, according to the Ministry of Energy - crude oil accounted for 64,870 tons (85.3%), and condensate for 11,175 tons (14.7%).