On Wednesday, Technip announced it had received a services contract by SOCAR GPC for cryomax and ethylene technology licenses for the Oil and Gas Processing and…
READ MOREAzerbaijan's Energy Industry
Denis LEMARCHAL
Managing Director
TOTAL E&P ABSHERON
Azerbaijan 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
BP has started oil production at the new Azeri Central East platform in the Caspian Sea offshore Azerbaijan.
READ MORERepresentatives of Azerbaijan's SOCAR and the Republic of Congo have met to discuss co-operation in the field of oil and gas.
READ MOREBP has begun its largest-ever 4D seismic study on the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
READ MORESerbia 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…
READ MOREADNOC 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,…
READ MORETotalEnergies has begun the first production phase of the offshore Absheron gas and condensate field in Azerbaijan, the French energy giant announced on Monday.
The…
READ MOREThe Oil & Gas Year covers the international oil and gas industry from the field by interviewing oil industry executives in their markets. During a project, TOGY…
READ MOREBP, through the Azerbaijan International Operating Company (AIOC), on Friday inked a letter of intent (Lol) with SOCAR that will see the company commit to the further…
READ MOREThe World Bank on Tuesday approved a USD 800-million loan to Azerbaijan and Turkey for the Trans-Anatolian gas pipeline (TANAP) project and a separate USD 1.49-billion…
READ MOREAt least one rig worker died on Thursday in an accident on an offshore rig in the Caspian Sea. Rescue efforts are ongoing to try and retrieve as many as 10 other…
READ MOREBrent futures rose above USD 57 a barrel on Monday, the highest level since July 2015, after non-OPEC members agreed over the weekend in Vienna to cut their production…
READ MOREPertamina aims to increase oil production by 42% and gas production by 17% next year, Indonesia’s state-owned energy corporation announced on Tuesday.
While…
READ MOREBP on Wednesday said it does not expect to increase production from its fields in Azerbaijan in 2017, adding it would support the country in backing measures aimed at…
READ MORETOGY talks to Trinidad and Tobago’s former Minister of Energy and Energy Affairs Kevin Ramnarine about current deepwater plays and how he views the future of…
READ MOREPertamina signed a memorandum of understanding with the National Iranian Oil Company on Monday that will see the Indonesian state-owned energy company conduct oilfield…
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