Azerbaijan Jan-Nov oil output down 0.5% y/y

Azerbaijan's natural gas production fell to 27.09 billion cubic metres (bcm) in January to November, from 27.14 bcm a year earlier, on lower output from state energy company SOCAR, the source said.

Falling output at the Azeri, Chirag and Guneshli (ACG) oilfields operated by Britain's BP led the overall drop, said the source, who declined to be identified because he is not authorised to talk to the media.

Daily oil output at the ACG oilfields, which account for most of Azerbaijan's production, fell to an average 640,000 barrels per day (bpd) in the first three quarters of 2015 from 655,700 bpd in the same period last year and 641,000 bpd in the first half of this year.

Crude oil and condensate production fell to 41.9 million tonnes last year from 43.1 million in 2013. Natural gas output was 29.6 bcm in 2014.

Oil production rose to 14.2 million tonnes in the first four months of 2015 from 13.6 million a year earlier.

Output started to decline in May, however, as BP suspended operations at one platform in the Caspian Sea, West Azeri, for 22 days of planned maintenance.

BP suspended operations at another platform, Chirag, on Nov. 10. Production resumed after the planned maintenance on Dec. 11.

Azerbaijan plans to produce 40.7 million tonnes of oil and 30.2 bcm of gas in 2015.

 

(Reuters)