Azerbaijan’s oil exports down 18 pct in November

Azerbaijan’s oil exports down 18 pct in November

Azerbaijan’s oil exports decreased 18.2 percent in November in comparison with the previous month, according to the state oil company SOCAR.

Nearly 2.15 million tons of Azerbaijani crude were pumped to the Turkish Mediterranean port of Ceyhan through the Baku-Tbilisi-Ceyhan (BTC) main export pipeline last month.

Vugar Bayramov, who heads the Center for Economic and Social Development (CESD), says that under the production sharing agreement on Azerbaijan’s major Azeri-Chirag-Gunashli (ACG) block of oil fields in the Caspian Sea, oil production is to dwindle from 2011.

He said further: “Of the 5 billion barrels of oil available at the ACG fields, 3 billion barrels are left. With the production at 340 million barrels a year, the ACG reserves will be depleted in 2019.”

© CESD, 2011

 

 

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