Experts Name Reason for Sharp Increase in Oil Reserves in United States

According to the results of the first quarter of 2024, oil production volumes at the Azeri-Chirag-Guneshli offshore block (ACG) decreased by 3.89 million barrels or 525 thousand tons, amounting to 30.85 million barrels (4.17 million tons), the quarterly report of bp-Azerbaijan”, which is the operator of the ACG development.

According to the results of the first quarter of this year, the State Oil Company of Azerbaijan (SOCAR) produced 1.9 million tons of oil and 2 billion cubic meters of gas, the SOCAR report. The report shows that compared to the same period last year, SOCAR's oil production decreased by 1.9%, and gas production decreased by 9.9%. During this period, the reduction in drilling operations amounted to 2,068 meters, amounting to 17 thousand 664 meters.

The State Oil Company of Azerbaijan (SOCAR) and the Saudi Arabian company ACWA Power will prepare a feasibility study to assess the potential for the production and sale of "green fertilizers". According to Saudi media, ACWA Power will lead the development of renewable energy sources and the production of "green hydrogen" within the framework of this cooperation. The company is also involved in the construction of a 240-megawatt wind farm in Azerbaijan with a total investment value of 345 million US dollars, which will become the largest in the “Absheron-Khizi” region.

On May 10, President of the Republic of Azerbaijan Ilham Aliyev took part in the opening of the small hydroelectric power plants “Zabukh” and “Garygyshlag” of “Azerenergy” OJSC (state monopolist in the production and transportation of electricity in Azerbaijan) in the Lachin region. The head of JSC Baba Rzayev informed the head of state that 72 small hydroelectric power plants with a total capacity of 467 MW will operate in the Karabakh and East Zangezur economic regions of Azerbaijan by 2030.