NEWS
Multinational - August 13, 2018
Iran, Russia, Kazakhstan, Turkmenistan and Azerbaijan have agreed “in principle” to delineate their maritime borders in the Caspian Sea, potentially opening the way…
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Back toour markets
Azerbaijan's Energy Industry
Denis LEMARCHAL
Managing Director
TOTAL E&P ABSHERON
We have to identify and refine our development scheme to limit capex, which means that we must optimise the use of existing facilities.
Read The Full InterviewAzerbaijan In Figures
Oil reserves7 billion barrels
Oil production722,000 bopd
Gas reserves2.5 tcm
Gas production31.8 bcm
Azerbaijan: The Historical Energy Powerhouse
Azerbaijan’s energy industry is one of the world’s oldest and remains a crucial hydrocarbons supplier in the Caspian Sea region. Its offshore basins hold significant reserves that are produced mainly by the State Oil Company of Azerbaijan Republic. The NOC is responsible for negotiating and signing PSCs and developing the nation’s resources. BP is the largest foreign investor in the nation and has operated in the country since 1992.
Most of the country’s oil and gas production is produced from its Azeri–Chirag–Gunashli fields, which is pumped onshore by pipeline to the Sangachal terminal south of Baku. Much of the oil produced is exported towards Europe through an 850-kilometre pipeline to its neighbour, Georgia.
The country is transitioning its energy industry from its traditionally oil-centric production to becoming a growing gas producer and exporter. The Shah Deniz field located 70 kilometres from Baku in water depths of up to 1,600 metres is one of the world’s largest gas and condensate fields and accounts for most Azerbaijan’s natural gas reserves. The development produced its first gas in 2006.
While practical development of renewable energy sources has been limited, the country has significant potential. Azerbaijan generates about 8% of its electricity from large hydropower installations. The country aims to reduce greenhouse gas emissions by 35% by 2030 from its emissions figures in 1990, which will involve revamping a substantial energy industry that accounts for the majority of its GDP and around 90% of its exports.
Azerbaijan's Energy Industry News and Interviews
NEWS
Azerbaijan - April 18, 2024
BP has started oil production at the new Azeri Central East platform in the Caspian Sea offshore Azerbaijan.
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NEWS
Republic of Congo - March 05, 2024
Representatives of Azerbaijan's SOCAR and the Republic of Congo have met to discuss co-operation in the field of oil and gas.
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NEWS
Azerbaijan - January 24, 2024
BP has begun its largest-ever 4D seismic study on the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
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NEWS
Serbia - December 11, 2023
Serbia has completed building an interconnector to a pipeline in Bulgaria that will meet 60% of the country’s annual gas demand, Reuters reported on Sunday.
The…
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NEWS
Azerbaijan - August 07, 2023
ADNOC is moving to acquire a 30% stake in the Absheron gas and condensate field in Azerbaijan’s Caspian Sea, the Emirati NOC announced on Friday.
Upon completion,…
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NEWS
Azerbaijan - July 10, 2023
TotalEnergies has begun the first production phase of the offshore Absheron gas and condensate field in Azerbaijan, the French energy giant announced on Monday.
The…
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NEWS
Azerbaijan - July 02, 2018
BP has commenced production at the USD 28-billion Shah Deniz Stage 2 project offshore Azerbaijan, the super-major announced on Monday.
The massive Caspian Sea…
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NEWS
Multinational - June 13, 2018
The presidents of Turkey and Azerbaijan inaugurated the Trans-Anatolian pipeline (TANAP) on Tuesday in a ceremony attended by several regional heads of state in…
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NEWS
Azerbaijan - May 30, 2018
Equinor has struck agreements with Azerbaijan’s SOCAR for the possible development of two Caspian Sea fields, the Norwegian major, formerly known as Statoil,…
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NEWS
Azerbaijan - May 29, 2018
Azerbaijan has put on stream the first leg of the Southern Gas Corridor that is to transport Caspian Sea gas to Europe via Turkey, international media reported on…
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NEWS
Azerbaijan - January 16, 2018
KBR’s joint venture with the State Oil Company of Azerbaijan Republic (SOCAR) has received two FEED contracts for the Azeri Central East platform, the Houston-based…
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Azerbaijan - September 15, 2017
BP and SOCAR renewed the PSC for the Azeri-Chirag-Guneshli (ACG) offshore fields Thursday.
The deal will now run through 2050, rather than 2024, but BP’s stake…
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NEWS
Azerbaijan - June 09, 2017
Natig Aliyev, minister of energy of the Republic of Azerbaijan, has died. He passed away in the early hours on Friday in a Turkish hospital.
Aliyev had been…
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Azerbaijan - June 01, 2017
BP is expected to sign its contract for the extension of its production-sharing contract for the Azeri-Chirag-Guneshli fields off Azerbaijan later this month, thus…
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NEWS
Multinational - March 16, 2017
BP has appointed new heads of production and drilling, international media reported on Thursday.
The former chief of BP Azerbaijan, Gordon Birrell, will be the new…
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