Caspian Conference: Azeri Oil, Gas Production Target Raised for 2015

Azerbaijan has raised its oil and gas production targets for 2015, after a strong performance from BP-operated fields during the early months of this year, according to a senior executive at state oil and gas firm SOCAR. 

Speaking Thursday at the Caspian Oil and Gas conference in Baku, SOCAR Vice President for Oil and Gas Production Rahman Gubanov stated that the country now plans to produce 291 million barrels of oil and 1.07 trillion cubic feet of natural gas in 2015. These figures are a slight improvement over the previous targeted amounts of 288 million barrels and 1.02 trillion cubic feet and comparable with what Azerbaijan produced last year (300 million barrels and 1.05 trillion cubic feet).

Gubanov said that SOCAR's own contribution to Azerbaijan's 2015 production is planned to amount to 59.3 million barrels of oil and 230 billion cubic feet of gas.

Azerbaijan enjoyed increasing oil production from key fields operated by BP during the first four months of 2015 in spite of hundreds of job cuts made by the oil major earlier this year. 

BP holds stakes in and operates the producing Azeri-Chirag-Deepwater Guneshli oilfield and the giant Shah Deniz gas condensate field in the Azeri portion of Caspian Sea. It is also now a shareholder in the TANAP pipeline that will take gas from Azerbaijan through to European markets, after the company bought a 12-percent stake in the pipeline in mid-April this year.

 

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