Azerbaijan exported 31 million 238,000 tons of oil in 2019, which is 4.3 percent lower than in 2018.

Southern Gas Corridor (SGC), which envisages transportation of Azerbaijani gas to Europe and increasing availability of liquefied natural gas (LNG) will play an important role in diversification going forward, Ole Hvalbye, markets analyst at Rystad Energy, the independent energy research and consulting firm headquartered in Norway, told Trend.

SOCAR’s (Azerbaijan’s State Oil Company) dividends from the development of the Shah Deniz field and gas export through the South Caucasus Pipeline (SCP) are expected to range from $75.69 million to $195.22 million depending on oil prices, Azerbaijan’s Chamber of Accounts told local media.

Production at Azerbaijan’s largest Shah Deniz gas field will be increased by 11.3 percent year-on-year in 2020 to reach 18.7 billion cubic meters, the State Oil Fund of Azerbaijan (SOFAZ) has reported.

Azerbaijan has increased the volume of gas exported from its largest Shah Deniz field that takes Caspian gas resources to European markets.

Gas export from Azerbaijan’s Shah Deniz field, one of the largest gas developments in the world, amounted to 8 billion 376.9 million cubic meters in January-October 2019, which is 26.4 percent higher than that in the same period of 2018, the State Statistical Committee told local media.

State Oil Company of Azerbaijan (SOCAR) expects 19 billion cubic meters of gas from the Shah Deniz field in 2019, while production will increase to 24 billion cubic meters in 2021, SOCAR’s Vice President for field development Yashar Latifov has said.

Azerbaijan’s largest gas field, Shah Deniz, produced around 12.2 billion standard cubic metres (bscm) of gas and 2.6 million tonnes (about 21 million barrels) of condensate in January-September 2019.

Current investments in Azerbaijan’s Azeri Chirag Guneshli and Shah Deniz projects, including potential for new phases, will open billions of barrels of oil equivalent over the next decades, Ashley Sherman, Principal Research Analyst at Wood Mackenzie, an international consulting company in the Caspian region and Europe, told Trend.

The export of Azerbaijani gas from the Shah Deniz field amounted to 7 billion 412.8 million cubic meters in January-September 2019, which is 28.1 percent higher than that of the same period of 2018, the State Statistical Committee told local media.