TODAY.AZ / Business

Oil, gas exports see growth

19 June 2019 [13:32] - TODAY.AZ

By Azernews


By Leman Mammadova

Azerbaijan increased oil, gas and electricity exports in the first five months of this year; however the export of oil products decreased.

The country exported 14 million tons of crude oil and crude oil products from bituminous minerals worth $6.7 billion in January-May 2019.

According to the State Customs Service, during the same period of 2018, 11.8 million tons of crude oil was exported at cost of $5.9 billion.

At the same, as much as 436,200 tons of oil products were exported from Azerbaijan in the amount of $220 million in the first five months this year. However, the volume of exported oil products amounted to 517,900 tons worth $267.6 million in the same period of last year.

This year, Azerbaijan also increased gas exports. In January-May, natural gas exports from the country reached 4.9 billion cubic meters with the cost of $871.6 million.

In the same period of 2018, Azerbaijan exported 2.7 billion cubic meters of natural gas worth $499 million.

Meanwhile, the country’s electricity exports amounted to 1.2 billion kWh in the amount of $51.8 million in January-May 2019. In the same period last year, Azerbaijan exported electricity of 1.1 billion kWh worth $53.3 million.

Last year, the country's export of crude oil and crude oil products from bituminous minerals amounted to 29.5 million tons. The value of the exported crude oil exceeded $15.7 billion.

At the same time, Azerbaijan exported over 7.9 billion cubic meters of natural gas in 2018. The value of the exported natural gas exceeded $1.5 billion.

In addition, electricity exports from Azerbaijan amounted to 1.4 billion kWh in 2018, costing at $65.6 million.

Currently, an average of 110,000 tons of oil and 94 million cubic meters of gas are extracted per day in Azerbaijan from offshore and onshore fields, including the Shah Deniz, Azeri-Chirag-Gunashli (ACG) and Umid fields, which are jointly operated with foreign companies.

ACG is the largest oil and gas field in the Caspian Sea, covering more than 432 square kilometers. A contract for the development of ACG block of oil and gas fields was signed in 1994 for 30 years. Oil extraction from the field began in November 1997.

Proven oil reserves of ACG block of oil and gas fields are estimated at 1.2 billion tons, while gas reserves make 350 billion cubic meters.

On September 14, 2017, a modified and redeveloped agreement was signed on joint development and shared distribution of production from the Azeri, Chirag fields and the deepwater part of the Gunashli field (ACG). The new agreement provides for the development of the field until 2050.

ACG participating interests are as follows: BP (30.37 percent), SOCAR (25 percent), Chevron (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).

URL: http://www.today.az/news/business/183664.html

Print version

Views: 539

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: