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OPEC increases assessment of confirmed gas reserves in Azerbaijan

OPEC increases assessment of confirmed gas reserves in Azerbaijan

Baku, July 16 - Neftegaz.RU. OPEC has increased the assessment of confirmed gas reserves in Azerbaijan in 2019, OPEC’ annual statistical bulletin reported. According to the report, confirmed gas reserves in 2019 in Azerbaijan amounted to 1.718 billion m3, which is by 19.7 % more than in 2018, Azernews reported.

It should be noted that, OPEC estimated Azerbaijan’s confirmed gas reserves by the end of 2018 at 1.435 billion m3. Moreover, according to the report, proven crude oil reserves in Azerbaijan are estimated at 7.000 million barrels in 2019, production 678,500 b/d, as well as exports of crude oil and petroleum products amounted to 559,300 b/d.

Additionally, Azerbaijan’s production of natural gas amounted to 20,811 million, and natural gas exports amounted to 11,486 million. According to the report, last year the volume of confirmed gas reserves in the world grew by 1.6 % and reached 206.205 billion m3.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

According to the “Declaration on Cooperation”, Azerbaijan produced 718,000 barrels of crude oil per day in October 2018, while in May-July this year the country must maintain the average daily production of crude oil at 554,000 barrels. In June Azerbaijan fully fulfilled its obligations under OPEC+ deal.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota until the end of July.

Author: Ayya Lmahamad

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