TODAY.AZ / Business

Oil, gas, electricity exports disclosed

17 July 2019 [17:45] - TODAY.AZ

By Azernews


By Leman Mammadova

The State Customs Committee revealed the volumes of oil, gas and electricity exports for the first half of 2019.

Azerbaijan exported 15.3 million tons of crude oil and crude oil products from bituminous minerals worth $7.7 billion in January to June 2019.

According to the State Customs Committee, during the same period of 2018, 13.5 million tons of crude oil was exported at cost of $6.9 billion.

In addition, as much as 520,997 tons of oil products (2710 goods) were exported from the country in the amount of $261.1 million in this period. However, the volume of exported oil products amounted to 548,024 tons worth $282.794 million in January to June of 2018.

The gas exports increased this year as natural gas exports from the country reached 5.6 billion cubic meters with the cost of $1.47 billion in the first six months.

In the same period of 2018, Azerbaijan exported 3.1 billion cubic meters of natural gas worth $570 million.

As for the electricity, the country’s electricity exports amounted to 1.2 billion kWh in the amount of $51.8 million in January to June 2019 compared to 1.1 billion kWh worth $54 million recorded in the same period last year.

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/184579.html

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