At a ceremony commemorating the 20th anniversary of the Azeri-Chirag-Guneshli production-sharing agreement, the government of Azerbaijan broke ground on its most…
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 MOREAzerbaijan is located in one of the most politically sensitive regions in the world. Elnur Soltanov, chairman of the Caspian Centre for Energy and Environment, speaks…
READ MOREEstablished by former President Heydar Aliyev, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) is the country’s sovereign wealth fund, charged with managing…
READ MORENorway’s Statoil last week announced that it was selling its remaining 15.5 percent shares in Shah Deniz and South Caucasus Pipeline to Malaysia’s Petronas for…
READ MORERussia’s Ambassador to Azerbaijan Vladimir Dorokhin has told TOGY in an interview that Shah Deniz partner Lukoil will suffer as a result of sanctions imposed on…
READ MOREMukhtat Babaye, Head of the Azerkimya Production Association of SOCAR, announced the commission of Azerbaijan’s first polypropylene plant is expected by the…
READ MOREAzerbaijan state oil company SOCAR vice president for strategic development Tofiq Gahramanov told TOGY that the Heydar Aliyev Refinery will not be closed but instead…
READ MORETurkish Petroleum (TPAO) has secured a $1-billion, seven-year loan from Turkey’s Vakıfbank and Türkiye Iş Bankası in order to acquire an additional 10-percent…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.