Azerbaijan oil output grows for first time since 2013

The source, who declined to be named as he is not authorised to talk to the press, said rising oil output at the main Azeri, Chirag and Guneshli (ACG) oilfields operated by British major BP had been the reason for the overall increase.

The source added that natural gas production for consumers rose to 1.8 billion cubic metres (bcm) in the first month of this year, up from 1.6 bcm a year ago.

Crude oil and condensate production in Azerbaijan fell to 41.9 million tonnes last year from 43.1 million tonnes in 2013.

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

BP and its partner, Azeri state energy firm SOCAR, tried to calm those worries in 2013, saying production had stabilised. Total oil output rose in 2013 for the first time since 2011.

But the decline continued last year. Output from the ACG fields fell to 24.2 million tonnes, or an average 655,700 barrels per day (bpd) in January-September from 663,200 bpd in the same period in 2013 and 656,000 bpd in the first half of 2014, BP-Azerbaijan said in November.

BP started maintenance work at the Central Azeri and West Azeri platforms on Oct. 31, halting operations for a month, in a move that could further reduce oil production in the country. Production resumed on Nov. 27.

Azerbaijan plans to produce 40.6 million tonnes of oil and 29 bcm of gas in 2015. 

 

(Reuters)