The European Bank for Reconstruction and Development (EBRD) has begun negotiations with Azerbaijan and Turkey to finance the Trans-Anatolian gas pipeline, a bank…
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 MOREBP and State Oil Company of Azerbaijan (SOCAR) agreed to explore Block D230 in Azerbaijan’s North Absheron Basin on Wednesday.
The memorandum of understanding was…
READ MOREWork on the Southern Gas Corridor, the umbrella term for pipeline projects that will enable gas exports from Azerbaijan’s Shah Deniz fields to Europe via Turkey, is…
READ MOREBP and its Shah Deniz partners have awarded a Saipem-led consortium a USD 1.5-billion subsea production contract, the group announced on Tuesday. Valued at USD 1.3…
READ MOREAmec Foster Wheeler on Tuesday announced the award of a front-end engineering and design contract for the Heydar Aliyev Oil Refinery project in Baku, Azerbaijan. The…
READ MORETrans-Anatolian Natural Gas Pipeline, the company overseeing the construction of the like-named pipeline that will facilitate Azeri gas exports to Turkey and Europe,…
READ MOREItaly’s Saipem announced the award of an engineering, procurement, construction and installation (EPCI) contract for the Trans Adriatic Pipeline on project on…
READ MOREThe European Bank for Reconstruction and Development (EBRD), an international financial institution founded in 1991, promotes investment and invests in developing…
READ MOREExxon Azerbaijan (a member of the ExxonMobil group of companies) has had a presence in Azerbaijan since 1994 and has an 8% equity share in the Azeri-Chirag-Guneshli…
READ MOREKazakhstan has plans to revert to its original 2016 oil output target of 564 million barrels should the oil price remain above USD 40, the country’s minister of oil…
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