Azerbaijan Jan-Oct oil output falls 2 pct year on year

Falling output at the Azeri, Chirag and Guneshli (ACG) oil fields 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.

Oil output at the ACG oil fields, which account for most of Azerbaijan's production, fell to an average 641,000 barrels per day (bpd) in the first half of 2015 from 656,000 bpd in the same period last year and 661,000 bpd in the first quarter of this year, BP said in August.

Azerbaijan's natural gas production fell to 24.5 billion cubic metres (bcm) in the January-October period, from 25.2 bcm a year earlier, on lower output from state energy company SOCAR, the source said.

Crude oil and condensate production fell to 41.9 million tonnes last year from 43.1 million in 2013. Natural gas output was 29.2 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.

Falling output at the ACG oil fields has been a cause of concern in Baku.

BP and its partner SOCAR tried to calm worries in 2013, saying production had stabilised. Total oil output rose in 2013 for the first time since 2011, but the decline resumed in 2014.

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

 

(Reuters)