Oil production costs SOCAR $20 a barrel
Oil production at Azerbaijani offshore and onshore fields costs Azerbaijan’s energy company SOCAR on average $20 per barrel.
Elshad Nasirov, SOCAR Vice President for Investments and Marketing, made the remark in an interview with Swiss SRF TV channel.
Azerbaijan has produced 38.32 million tons of oil and gas condensate in January-November 2015, or 0.5 percent less than in the same period in 2014, the State Statistics Committee reported.
The country produces three grades of crude oil—Azeri BTC, Azeri Light, mainly sold to European and Asian markets, and Urals, Azerbaijani light crude sold at a discount as it blended in Russia. Bulk of the country’s oil is marketed by Socar Trading, which has been operating since 2008.
The country's largest hydrocarbon basins are located offshore in the Caspian Sea, particularly the Azeri Chirag Guneshli (ACG) field. Similar to its share of total production, ACG also holds over 70% of Azerbaijan's total reserves, with about 5 billion barrels located in this field.
SOCAR produces about 20% of the country's oil output. The remaining 80% of Azerbaijan's output comes from the ACG oil fields by the BP-operated Azerbaijan International Operating Company (AIOC) and at the BP-operated Shah Deniz field (which produces oil condensate).
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