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Total investments in Azerbaijan's oil sector exceed $106 billion

Total investments in Azerbaijan's oil sector exceed $106 billion

Baku, July 27 - Neftegaz.RU. According to Azernews, ver $106 billion were invested in Azerbaijan’s oil sector in the period between 1995 and 2019, Energy Minister Parviz Shahbazov has said.

During the period, out of $140 billion of foreign investments in Azerbaijan, $85 billion were attracted to the oil sector, Shahbazov said addressing the seminar on "Energy policy of Azerbaijan and the role of renewable energy" held at ADA University recently.

Moreover, so far 514 million tons of oil, 127 billion m3 of gas and about 29 million tons of condensate have been produced from Azeri-Chirag-Guneshli blocks, as well as from Shah Deniz field.

Furthermore, it is expected that annual growth of gas production from Shah Deniz field will exceed 25 billion m3 in 2024. This will enable the country to supply 16 billion m3 of gas to customers from the Shah Deniz field once the Southern Gas Corridor is fully operational.

Additionally, the gas supply to Turkey via TANAP has already reached 6 billion m3.

Earlier it was reported that the volume of Azerbaijan’s gas exports increased by 13.6 % or 2 billion m3 year-on-year in the period between January and May, amounting to 16.4 billion m3 of gas.

Likewise, Azeri-Chirag-Guneshli produced 5.4 billion m3 of gas, Shah Deniz produced 8 billion m3 of gas and SOCAR production amounted to 3 billion m3 of gas.

During the reporting period, Azerbaijan produced 15.2 million tons of oil, including condensate, out of which, Azeri-Chirag-Guneshli accounted for 10.5 million tons of oil produced in the country for this period, Shah Deniz accounted for 1.6 million tons, and SOCAR- 3.1 million tons of oil.

Author: Ayya Lmahamad

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