TODAY.AZ / Business

Azerbaijan’s oil output hits 9.4m tons in Q1 2017

18 April 2017 [14:38] - TODAY.AZ

By Azernews


By Gunay Camal

Azerbaijan produced over 9,464 million tons of crude oil (including gas condensate) and about 6,955 billion cubic meters of natural gas in the first quarter of 2017.

The State Statistic Committee figures suggest that the first quarter saw oil production fall 9.9 per cent, while gas production rose 0.9 per cent in the country.

Earlier, Energy Minister Natig Aliyev announced that Azerbaijan plans to produce more gas and less oil in 2017 by 0.8 percent up to 29.561 bcm.

The country’s oil output in March 2017 amounted to 733,300 barrels, 40,000 barrels of which accounted for condensate. Some 596,000 barrels of oil, 40,000 barrels of condensate and 23,000 barrels of petroleum products were exported daily.

Last December, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, with the possibility of extension.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.

Azerbaijan’s gross gas production was 29.4 billion cubic meters in 2016, including 18.71 billion cubic meters of sales gas, of which 6.754 billion cubic meters was exported. 

The total volume of gas export in 2016 stood at 7.78bcm, recording a decrease of 625million cubic meters as compared to figures of 2015.

Azerbaijan’s proven gas reserves as of early 2016 amounted to 1.1 trillion cubic meters, which accounts for 0.6 percent of global proven gas reserves, according to BP's estimates.

URL: http://www.today.az/news/business/160337.html

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