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Volumes of oil & gas export revealed

23 August 2016 17:06 (UTC+04:00)
Volumes of oil & gas export revealed

By Nigar Abbasova

Azerbaijan exported some 17,973 million tons of oil in the first half of 2016, which is by 1.4 percent higher than the index fixed in 2015, Interfax-Azerbaijan reported.

The worth of the exported oil amounted to 4.774 billion recording a decrease of 30.5 percent. The volume of declared oil, which was exported in the first half of 2016, amounted to 10.551 million tons while its worth totaled $2.910 billion. Some 32.520 million tons of oil were exported in 2015.

The country exported approximately 4 billion of cubic meters (bcm) of natural gas in the first half of 2016, which is 7.8 percent lesser than the figure recorded in the same period of 2015.

The total worth of exported gas totaled $706.333 million facing a decrease of 30.6 percent. The volume of gas export, formalized under simplified custom’s declaration stood at 714.4 million cubic meters while its worth amounted to $113.972 million.

The major part of oil and gas produced in Azerbaijan, accounts for ACG block of oil and gas fields and Shah Deniz gas and condensate field developed by the State Oil Company of Azerbaijan (SOCAR) jointly with foreign partners.

The Azeri-Chirag-Gunashli (ACG) field, which lies 120km off the coast of Azerbaijan, is considered to be the largest oilfield in the Azerbaijan sector of the Caspian Sea. The proven oil reserves of the block amounts to approximately one billion tons.

Shah Deniz field, one of the world’s largest gas-condensate fields located on the deep water shelf of the Caspian Sea, 70 km south-east of Baku produced about 5.4 bcm of gas and 1.3 million tons (about 10 million barrels) of condensate in the first half of 2016, according to BP Azerbaijan.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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