Crude prices on world markets
The price of oil changed in different directions in the world markets.
On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $0.86 to stand at $28.22. Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) fell $0.11 to trade at $27.78.
SOCAR Marketing and Economic Operations Department of the State Oil Company of Azerbaijan said the price of a barrel of Azeri Light crude oil decreased $1.09 to stand at $28.82 on the world markets.
The main oil output in Azerbaijan comes from Azeri-Chirag-Guneshli field. This offshore block produces Azeri Light oil with 0.15 percent sulfur and 35 degrees API.
The contract for the Azeri-Chirag-Guneshli development, with proven reserve of nearly 1 billion tons of oil, was signed in 1994. Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
Azerbaijan’s proved oil reserves amounted to 7 billion barrels at the end of 2014, according to BP’s Statistical Review. BP and its partners produced 16 million tons during the first half of 2015 on ACG block, which is the same as in the first half of 2014.
---
Follow us on Twitter: @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!