BAKU, Azerbaijan, Dec.3
By Leman Zeynalova – Trend:
Proven oil reserves of Azerbaijan’s state oil company SOCAR stood at 120.204 million tons in 2019, as compared to 125.906 million tons in 2018, Trend reports with reference to the company’s updated Sustainable Development Report.
The report shows that the company’s proven oil reserves, which have been processed and put into production amounted to 67.179 million tons, proven and processed reserves, which haven’t been put into production were equal to 6.833 million tons, proven and processed reserves – 74.012 million tons, proven reserves, which haven’t been processed – 46.192 million tons.
Azerbaijan’s oil reserves in A, B, and C1 categories (layers under development) stand at 87.9 million tons as of January 1, 2019.
Around 17 percent of this volume accounts for Azneft Production Union of Azerbaijan’s state oil company SOCAR.
This is while the country’s oil reserves in A, B, C1 and C2 (layers under development and productive layers of the fields under development) equal to 1.123 billion tons, of which 21 percent accounts for Azneft Production Union.
OPEC said in its 2020 Annual Statistical Bulletin that Azerbaijan’s proven oil reserves stood at 7 billion barrels for 2019.
The country’s crude oil production dropped by 6.4 percent from 725,000 barrels per day in 2018 to 678,500 barrels per day in 2019.
Crude oil exports by Azerbaijan dropped from 608,600 barrels per day in 2018 to 559,300 barrels per day in 2019, which is a decrease by 8.1 percent.
BP also estimates Azerbaijan’s total proven oil reserves 7 billion barrels, 0.4 percent of world’s total proved oil reserves.
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