• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 11 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 hour Tesla Launches Faster Third Generation Supercharger
  • 24 mins Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 4 mins Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 10 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 13 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 8 hours China's Renewables Boom Hits the Wall
  • 7 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 17 hours Iran's Master Plan?
  • 16 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 15 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

A Bear’s Guide To Oil Markets

A Bear’s Guide To Oil Markets

2019 hasn’t been the year…

Has Global Oil Production Really Peaked?

Has Global Oil Production Really Peaked?

The lack of significant new…

Azerbaijan’s SOCAR Boosts Oil, Gas Output In Caspian Sea

Rig

Azerbaijan’s state-run oil company SOCAR will produce another 43,800 tons of oil and around 3.65 million cubic meters (129 million cubic feet) of gas per year after it commissioned a new well on the Guneshli offshore field.

The daily production from the well is 120 tons of oil and 10,000 cubic meters (353,100 cubic feet) of gas, Socar said on Thursday.

The Guneshli field is located offshore, on the prolific Absheron-Pribalkhan Trend, 60 kilometers (37 miles) east of the Absheron Peninsula. Guneshli is SOCAR’s largest fully owned asset and accounts for a large part of its oil and gas production. SOCAR operates the shallow water part on its own, while the deepwater part is developed jointly with foreign partners. SOCAR uses Guneshli’s export revenue to subsidize the company’s less profitable onshore fields, Wood Mackenzie says in a report on the field.

For the deepwater, Azerbaijan and a consortium of foreign oil companies signed back in 1994 a 30-year Production Sharing Agreement (PSA) for the Azeri-Chirag-Deepwater Guneshli (ACG) field. Foreign partners in the venture – alongside SOCAR’s 11.6 percent interest -- include BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO, ITOCHU, and ONGC.

SOCAR has had troubles with a string of incidents on its Caspian Sea platforms. In December 2016, at least one oil worker died and another nine were missing, after an offshore oil rig operated by SOCAR collapsed into the Caspian Sea.

Related: What Does The Future Hold For Canada’s Oil Sands?

In December 2015, more than 30 SOCAR workers lost their life after another offshore oil platform—Platform 10 at Guneshli field—caught fire during a storm. A more recent fire broke out at SOCAR’s Guneshli at the end of September 2016, although no one was reported injured from that incident.

Azerbaijan is part of the 11 non-OPEC nations that joined OPEC’s production cuts. Azerbaijan has pledged to cut 35,000 bpd out of non-OPEC’s 558,000 bpd share. Last month, Azerbaijan boasted a strong overcompliance with the cuts.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play