CASPIAN OIL & GAS - Azerbaijan increases gas exports

Azerbaijan increases gas exports


By Azad Hasanli – Trend:

Azerbaijan's state oil company SOCAR exported 1.42 billion cubic meters of gas in 2018, Trend reports with reference to the company Jan. 29.

SOCAR accounted for 15 percent of total gas exports from Azerbaijan. For the year, total exports from the country amounted to 9.44 billion cubic meters of gas (an 11 percent growth for the year).

Of this volume, 7.23 billion cubic meters of gas was exported to Turkey and 2.21 billion cubic meters of gas was exported to Georgia.

In general, over the past year, SOCAR produced 6.53 billion cubic meters of gas, which is 7.2 percent more than in 2017. In total, gas production by all companies in the country amounted to 30.49 billion cubic meters, a 6.6 percent increase for the year.

Some 89 percent (11.2 billion cubic meters) of gas sold by SOCAR last year accounted for domestic consumption. The remaining 2 billion cubic meters of gas were sent to gas storage facilities.

Shah Deniz is the biggest gas field in Azerbaijan. The field’s reserves are estimated at 1.2 trillion cubic meters of gas. A contract for the field’s development was signed in 1996.

Share distribution among the parties to the agreement is as follows: BP (operator) - 28.8 percent, AzSD - 10 percent, SGC Upstream - 6.7 percent, Petronas - 15.5 percent, Lukoil - 10 percent, NICO - 10 percent and TPAO -19 percent.